If Price Were Increased from $38 to $39 and Quantity

question 24

Essay

If price were increased from $38 to $39 and quantity demanded fell from 18 to 13,calculate elasticity;state whether demand is elastic,unit elastic,or inelastic;and find how much total revenue was when price was $38 and $39.

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Definitions:

Grasslands

Ecosystems dominated by grasses and other herbaceous plants, often found in regions with seasonal precipitation patterns.

Temperate Forests

Ecosystems located in temperate zones featuring deciduous and evergreen trees, experiencing seasonal temperature variations.

Desert Crusts

Biological crusts formed by a community of microorganisms, including cyanobacteria, algae, and fungi, which stabilize desert soils and prevent erosion.

Nitrogen Fixation

Incorporation of nitrogen gas into ammonia.