Figure: Elasticity and Total Revenue Refer to the Figure

question 96

Multiple Choice

Figure: Elasticity and Total Revenue Refer to the figure. If price falls from $60 to $40, total revenue goes ________, so demand is ________.

• A) down by $100; inelastic
• B) down by $480; elastic
• C) up by $360; inelastic
• D) up by $120; elastic

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Definitions:

Content Marketing

A strategic marketing approach focused on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience.

Relevant

Describes something that is closely connected or appropriate to the matter at hand.

Profitable Audience

A segment of consumers that generates a significant amount of revenue for a business, making them a primary target for marketing efforts.

Social Media

Platforms and technologies enabling the creation, sharing, and exchange of information and ideas in virtual communities and networks.