When the price of chocolate-covered peanuts decreases from $1.10 to $0.95, the quantity demanded increases from 190 bags to 215 bags. in this price range, the demand for chocolate covered peanuts is _, and total revenue will _ when price decreases?

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28-02-2018
Business

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When the price of chocolate-covered peanuts decreases from $1.10 to $0.95, the quantity demanded increases from 190 bags to 215 bags. in this price range, the demand for chocolate covered peanuts is _, and total revenue will _ when price decreases?

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MrsTriplet MrsTriplet · Answer 1 · 2018-03-09T16:07:18+01:00

In this price range, the demand for chocolate covered peanuts is increasing, and the total revenue will decrease when the price decreases.

Total revenue currently ($1.10)(190) = $209
Total revenue with demand increase but price decrease = ($0.95)(215) = $204.25

Although the demand is increasing, due to them dropping the price by $0.15 they are lowering their revenue on the chocolate covered peanuts by $4.75.

When the price of chocolate-covered peanuts decreases from $1.10 to $0.95, the quantity demanded increases from 190 bags to 215 bags. in this price range, the demand for chocolate covered peanuts is _____, and total revenue will _____ when price decreases?

Respuesta :

Otras preguntas

When the price of chocolate-covered peanuts decreases from $1.10 to $0.95, the quantity demanded increases from 190 bags to 215 bags. in this price range, the demand for chocolate covered peanuts is _, and total revenue will _ when price decreases?