If Price Were Increased from $25 to $26 and Quantity

question 130

Essay

If price were increased from $25 to $26 and quantity demanded fell from 10 to 9,calculate elasticity;state whether demand is elastic,unit elastic,or inelastic;and find out how much total revenue was when price was $25 and $26.

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Definitions:

Informal Learning

Learning that occurs outside formal educational institutions, typically through everyday activities, experiences, and observations.

Modeling

Learning a skill by observing another person perform the skill; considered a form of social learning because it is learned in the presence of others.

Information Technology

The use of computers and telecommunications equipment to store, retrieve, transmit, and manipulate data.

Classroom Learning

The process of acquiring knowledge and skills within a structured educational environment involving teachers and students.