How is total revenue calculated?
a. multiplying price by change in demand
b. multiplying price by quantity sold
c. multiplying change in price by change in quantity demanded
d. multiplying change in price by quantity sold
Ans: b. multiplying price by quantity sold
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One of the challenges for modern scholars, policy makers, and citizens concerning international politics is discerning
a. the positive from the negative aspects of democracy. b. changes in patterns of global inequality. c. what represents a state and what represents an individual. d. what represents change and what represents continuity.
When John earned $65,000 he purchased 10 DVDs a year. His income has just increased to $68,000 and he plans to purchase 15 DVDs this year. John's income elasticity of demand equals
A) 0. B) 0.11. C) 1.67. D) 8.87.