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.
a
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Which of the following statements is correct concerning the burden of a tax imposed on take-out food?
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A key reason why some nations show little or no growth is
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