With a budget of $500 000,a school board can choose to purchase 20 000 textbooks or 2000 laptop computers (or some intermediate combination) for use in classrooms. 
FIGURE 1-2
-Refer to Figure 1-2.What is the price of a laptop computer in this example?
Definitions:
Time Period
A specific interval of time that is defined for a particular study, event, or analysis.
Total Revenue
A rephrased definition: The cumulative income of a business from its sale of products or services, equivalent to the price of goods sold multiplied by the quantity sold.
Price Cut
A reduction in the selling price of products or services, typically to stimulate demand or respond to competition.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a specific price level, at a given time.
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