When Price Was 10,quantity Demanded Was 50

question 128

Multiple Choice

When price was 10,quantity demanded was 50.When price increased to 12,quantity demanded decreased to 40.Therefore,when price increased,total revenue

• A) decreased from 500 to 480, indicating that demand is inelastic.
• B) decreased from 500 to 480, indicating that demand is elastic.
• C) increased from 480 to 500, indicating that demand is inelastic.
• D) increased from 480 to 500, indicating that demand is elastic.

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Definitions:

Tax Deductible

Expenses that are subtracted from gross income to reduce taxable income, leading to a decrease in the amount of taxes owed.

Operating Expenses

Costs associated with the day-to-day operations of a business, excluding the cost of goods sold.

Tax Rate

The percentage at which an individual or corporation is taxed, varying according to the amount of income or profit made.

Unrealized Gain

Represents the increase in value of an investment or asset that has not yet been sold for cash.