If 400 Apple Pies Are Sold at $4 Per Pie

question 69

Multiple Choice

If 400 apple pies are sold at $4 per pie, but 500 apple pies are sold at $3 per pie, we know from the total revenue rule:

• A)​that the demand for pies is elastic over that price range.
• B)​that the demand for pies is inelastic over that price range.
• C)​that the demand for pies is unit elastic over that price range.
• D)​nothing about the elasticity of demand.

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Definitions:

Flat Sheet

A type of raw material that comes in flat panels, typically used in manufacturing or construction; it can be cut and shaped into various parts and forms.

Without Cutting

A manufacturing or shaping process that does not involve removing material, such as bending, casting, or forming.

General Contour

An outline that represents the shape or form of an object, especially used in design and drafting to indicate general shapes.

Front View

The principal view of an object in technical drawing, depicting the most characteristics of the design, typically facing the observer directly.