If a Firm Finds That It Can Sell $13,000 Worth

question 241

Multiple Choice

If a firm finds that it can sell $13,000 worth of a product when its price is $5 per unit and $11,000 worth of it when its price is $6, then

• A)the demand for the product is elastic in the $6-$5 price range.
• B)the demand for the product must have increased.
• C)elasticity of demand is 0.74.
• D)the demand for the product is inelastic in the $6-$5 price range.

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Definitions:

Equivalent Value

The worth of an item, service, or amount in terms of another, often used in comparisons or exchanges.

Compounded Semi-annually

The process where interest is added to the principal sum of an investment or loan twice a year, resulting in interest earning interest.

Third Payment

This refers to the third installment of a series of payments toward a financial obligation.

Loan

Borrowed capital which is due to be paid back with interest.