The Proprietor of the Showplace, a Video Store, Has Estimated

question 282

Multiple Choice

The proprietor of the Showplace, a video store, has estimated that the rental price p (in dollars) of prerecorded video discs is related to the quantity x rented/day by the demand equation ​ ​
Currently, the rental price is $3/disc. Is the demand elastic or inelastic at this rental price? If the rental price is increased, will the revenue increase or decrease?
​

• A) inelastic, increase
• B) inelastic, decrease
• C) elastic, decrease
• D) elastic, increase

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Definitions:

Field Checkout

The process of verifying and testing equipment and systems at the job site to ensure proper operation according to design specifications.

Commissioning

The process of verifying and checking that a new or modified system performs according to its design specifications and requirements before full operation.

I/O Module

A plug-in assembly, containing two or more identical input or output circuits, that contain the connections between a processor and connected devices.

Analog Modules

Components of an automation system that handle analog signals, converting between physical real-world analog inputs and outputs and their digital representations.