#6 Suppose the price of kumquats is currently $8 per bushel. Because the price elasticity of demand between points C and D is … point C is $7 price with 3 (millions) quantity. Point D is $8 price and 2 (millions) quantity. Answer options are unit elastic, inelastic, or elastic.
a $1-per-bushel fall in price will lead to_____ in total revenue per month. Answer options are decrease, increase or no change
In order for a price increase to cause a decrease in total revenue, demand must be_____. Answer options are inelastic, elastic, or unit elastic.
