If the Demand Schedule for Bauxite Is Relatively Inelastic to Price

question 206

Multiple Choice

If the demand schedule for bauxite is relatively inelastic to price changes,an increase in the supply schedule of bauxite will cause a:

• A) Decrease in price and a decrease in sales revenue
• B) Decrease in price and an increase in sales revenue
• C) Increase in price and a decrease in sales revenue
• D) Increase in price and an increase in sales revenue

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Definitions:

Demand Forecast

The process of estimating the quantity of a product or service that consumers will purchase in the foreseeable future.

Forecast Error

The difference between the actual outcomes and the predictions made by forecasting models, utilized to measure the accuracy of predictions.

Forecasts

Predictions about future events, such as sales, economic trends, or weather, based on historical data and analysis.

Expected Value

A calculated average of all possible values for a random variable, weighted by their probabilities, used in statistics and economics to determine the most likely outcome.