Refer to Table 6-5. Katie Graham owns a kayak rental service in Santa Barbara. Table 6.5 shows her estimated demand schedule for kayak rentals per week. She would like to increase her sales revenue by changing the price she charges for rentals
At present she charges $75. Based on the information in the table, Katie
A) should raise her price to $80 to increase her revenue because the demand for kayak rentals is price inelastic.
B) should raise her price to earn the most revenue.
C) should lower her price to $60 to increase her revenue because the demand for kayak rentals is price elastic.
D) is not able to increase her revenue by changing her price because the demand for kayak rentals is unit elastic.
D
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Which of the following is not a country or region most likely to be among industrial market countries?
a. Western Europe b. North American c. Australia d. South Asia e. Japan
The figure below illustrates a tariff. On the graph, Q represents quantity and P represents price.
Figure 17-11
Refer to Figure 17-11. The deadweight loss created by the tariff is represented by the area
a.
B.
b.
D + F.
c.
D + E + F.
d.
B + D + E + F.