Figure 5-11 -Refer to Figure 5-11.When Price Falls from $50 to $40,it

question 150

Multiple Choice

Figure 5-11
-Refer to Figure 5-11.When price falls from $50 to $40,it can be inferred that demand between those two prices is

• A) inelastic,since total revenue decreases from $8,000 to $5,000.
• B) inelastic,since total revenue increases from $5,000 to $8,000.
• C) elastic,since total revenue increases from $5,000 to $8,000.
• D) unit elastic,since total revenue does not change.

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Definitions:

Qualitative Forecasting

A method of prediction that uses non-numeric data such as expert opinions, market trends, and other unquantifiable information to anticipate future events.

Managerial Input

Guidance, feedback, and decision-making contributions made by managers to shape strategies and operations.

Workforce Requirements

The specific needs and qualifications an organization requires from its employees to successfully meet its objectives and goals.

HR Budgets

Refers to the financial planning specifically allocated for human resource activities, including recruitment, training, benefits, and compensation.