Business, 27.07.2020 01:01 reginaakerson230

Suppose that the total revenue received by a company selling basketballs is $600 when the price is set at $30 per basketball and $600 when the price is set at $20 per basketball. Without using the midpoint formula, can you tell whether demand is elastic, inelastic, or unit-elastic over this price range? Demand is

over this range.

Suppose the price of apples goes up from $20 to $22 a box. In direct response, Goldsboro Farms supplies 1200 boxes of apples instead of 1000 boxes. Compute the coefficient of price elasticity (midpoints approach) for Goldsboro’s supply.

Instructions: Round your answer to two decimal places.

ES=

Is its supply elastic, or is it inelastic?

Determine how the following changes in price would affect total revenue.

Instructions: Fill in the blank with either increases, decreases, or remains unchanged.
a. Price falls and demand is inelastic. Total Revenue
b. Price rises and demand is elastic. Total revenue
c. Price rises and demand is inelastic. Total Revenue
d. Price falls and demand is unit-elastic. Total Revenue
e. Price rises and supply is elastic. Total Revenue
f. Price rises and supply is inelastic. Total Revenue

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