When a University Bookstore Prices Chemistry Textbooks at $200 Each,it

question 301

Multiple Choice

When a university bookstore prices chemistry textbooks at $200 each,it generally sells 120 books per month.If it lowers the price to $160,sales increase to 160 books per month.Given this information,we know that the price elasticity of demand for chemistry books is about

• A)1.29,and a decrease in price from $200 to $160 results in an increase in total revenue.
• B)1.29,and a decrease in price from $200 to $160 results in a decrease in total revenue.
• C)0.78,and a decrease in price from $200 to $160 results in an increase in total revenue.
• D)0.78,and a decrease in price from $200 to $160 results in a decrease in total revenue.

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Definitions:

Enlightenment Ideas

Intellectual movements of the 17th and 18th centuries emphasizing reason, individualism, and skepticism of traditionally held truths, influencing modern political and social thought.

Scientific Revolution

A period from the 16th to the 18th century marked by major changes in thought and belief, primarily in Europe, where traditional scientific beliefs were questioned and new concepts in physics, astronomy, biology, and chemistry emerged.

University of Padua

One of the world's oldest academic institutions, located in Padua, Italy, known for its significant contributions to education and research.

Early Part

Refers to the initial segment or phase of a particular period, process, or event.