If Price Were Lowered from $22 to $21,quantity Demanded Rose

question 225

Essay

If price were lowered from $22 to $21,quantity demanded rose from 100 to 103,calculate elasticity;state whether demand is elastic,unit elastic,or inelastic,and find how much total revenue was when the price was $22 and $21.

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Definitions:

Behavior

Observable, coordinated responses to environmental stimuli.

Stimulus-Response

A concept in psychology and physiology describing how organisms respond to stimuli in their environment.

Operant Conditioning

Learning that results from rewarding or reinforcing a particular behavior.

Genetics

The branch of biology that studies genes, genetic variation, and heredity in organisms, explaining how traits are passed from parents to offspring.