Mark is selling gourmet apples at a price of $2 per pound. currently, he sells 100 pounds of apples per week. this week, mark raises his price to $3 , and his sales of apples fall to 75 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.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Mark is selling gourmet apples at a price of $2 per pound. currently, he sells 100 pounds of apples per week. this week, mark raises his ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
On January 1, you sold short one round lot (that is, 100 shares) of Lowe's stock at $27.70 per share. On March 1, a dividend of $3.30 per share was paid. On April 1, you covered the short sale by buying the stock at a price of $22.00 per share.
Answers (1)
Revenues, expenses, and dividends accounts, which are closed at the end of each accounting period are:
Answers (1)
Familiar routes to and from commonly visited areas create an individual's:
Answers (1)
The overwhelming majority of existing businesses are A. sole proprietorships. B. close corporations. C. corporations. D. partnerships.
Answers (1)
Ballman Corporation uses the allowance method to account for uncollectible receivables. At the beginning of the year, Allowance for Bad Debts had a credit balance of $2,000. During the year, Ballman wrote off uncollectible receivables of $4,200.
Answers (1)
New Questions in Business
Where does the wave erosion occur and where
Answers (1)
A door-to-door hearing aid salesman specifically targets elderly clients. When the clients ask questions about the contract, the salesman is not truthful with them entirely.
Answers (1)
Which of the examples below illustrates the economic principle of a negative externality? a. cost or benefit of a transaction that involves the buyer or seller when both parties lose money b.
Answers (1)
Steven is considering taking a job with a company that is offering gym memberships, flexible hours, repayment of education loans, merchandise discounts, and childcare. these components of the job offer are called:
Answers (1)
Each scenario below gives some information about price elasticity of demand. for each, calculate the missing data, and determine if the price change under consideration will increase, decrease, or not change the firm/'s total revenue.
Answers (1)