As the price of dvds increases from $3 to $5, the quantity demanded falls from 220,000 to 180,000 . The price elasticity of demand for dvds is:

When a firm raises the price of its product, what happens to its total revenue?

A) If demand is elastic, total revenue decreases. B) If demand is unit elastic, total revenue increases. C) If demand is inelastic, total revenue decreases. D) If demand is elastic, total revenue increases. E) If demand is unit elastic, total revenue decreases.

Computers and software programs are:

a. inferior goods. b. complementary goods. c. goods with a cross-price elasticity of demand of 0. d. substitute goods. e. perfectly elastic goods.