According to One Study,the Price Elasticity of Demand for Restaurant

question 107

Multiple Choice

According to one study,the price elasticity of demand for restaurant meals is -2.27.This implies that if restaurants want to increase their total revenues they should:

• A)increase prices.
• B)decrease prices.
• C)leave prices unchanged.
• D)cannot be determined with the information given.

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Definitions:

RLC Series Circuit

An electrical circuit consisting of a resistor (R), inductor (L), and capacitor (C) connected in series, used to filter or resonate at certain frequencies.

Capacitance

Refers to the amount of electric charge that a capacitor can hold, measured in Farads, at a given voltage.

Reactive Power

The component of electrical power that does not result in useful work, measured in VARs (volt-amps reactive), and is generated by reactive components like capacitors and inductors.

Inductive Reactance

A measure of the opposition that an inductor presents to alternating current, due to the magnetic field created by the current.