If a Business Sells 5,000 Units for a Total Profit

question 8

Multiple Choice

If a business sells 5,000 units for a total profit of $200,000, what is its profit per unit?

• A) $400
• B) $50
• C) $40
• D) None of the above

Examine factors influencing the elasticity of demand for a product.

Recognize the implications of elasticity for business decisions and economic policies.

Analyze the significance of unitary elasticity and its effects on demand and revenue.

Understand the relationship between price changes and quantity demanded as depicted on a demand curve.

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Definitions:

Pleasure

A feeling of happy satisfaction and enjoyment.

Flow

A completely involved, focused state, with diminished awareness of self and time; results from full engagement of our skills.

Assessment Tools

Instruments or techniques used to evaluate the abilities, skills, or performance of individuals.

Personnel Psychology

An I/O psychology subfield that helps with job seeking, and with employee recruitment, selection, placement, training, appraisal, and development.