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25 February, 05:49

Mark is selling gourmet apples at a price of $3 per pound. currently, he sells 150 pounds of apples per week. this week, mark raises his price to $5 , and his sales of apples fall to 100 lbs. mark's initial revenue from apple sales was $ nothing. mark's new revenue from apple sales is $ nothing. since mark's revenue increased when the price of apples rose, the demand for mark's gourmet apples must be ▼ elastic unitary inelastic.

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  1. 25 February, 05:56
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    Mark's initial revenue was $450 (150lb) ($3) and his new revenue was $500 (100lb) ($5). Since Mark's revenue increased when the price if apples rose, the demand for Mark's gourmet applies must be inelastic. Elastic, because even though there was a change in price, the change in price wasn't substantial.
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