When the Local Used Bookstore Prices Economics Books at $100

question 11

Multiple Choice

When the local used bookstore prices economics books at $100 each,they generally sell 70 per month.If they lower the price to $70 each,they sell 90.Given this,what is the elasticity of demand for economics books,and what action should the store take

• A)2.91; the store should lower prices to raise total revenue.
• B)2.91; the store should raise prices to raise total revenue.
• C)0.714; the store should lower prices to raise total revenue.
• D)0.714; the store should raise prices to raise total revenue.

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Definitions:

Clark's Nutcracker

A bird species known for its remarkable seed storage behavior and its ability to remember the locations of thousands of seeds it buries for later retrieval.

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Specific places or positions on the Earth's surface identified by coordinates of latitude and longitude.

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