Multiply and Simplify to Lowest Terms

question 299

Short Answer

Multiply and simplify to lowest terms. Write the answer as a fraction or an integer.

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Definitions:

Total Revenue

The total amount of money earned by a firm from the sale of its products or services before any costs or expenses are subtracted.

Equilibrium Quantity

The amount of products or services offered and sought after at the balance price.

Inelastic Demand

A situation where the demand for a good or service is relatively unresponsive to changes in price, indicated by a demand elasticity coefficient of less than one.

Elastic Demand

A situation where the demand for a product or service significantly changes in response to price adjustments.