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Sergeu [11.5K]
3 years ago
13

If Pete raises his price of muffins from $2 to $3 and his sales revenue increases from $35,000 to $38,000, then:a. this is impos

sible since this would violate the law of demand.b. the demand for Pete's muffins in this range is price inelastic.c. the demand for Pete's muffins in this range is unit elastic.d. the demand for Pete's muffins in this range is price elastic.e. the percentage change in quantity demanded must exceed the percentage change in product price.
Business
1 answer:
ElenaW [278]3 years ago
3 0

Answer:

The correct option is C

Explanation:

Provided rise in price increases the revenue from muffin.

That is by $35,000 to $38,000

Rates per muffin = $2 to $3 revised.

Demand at price of $2 = $35,000/$2 = 17,500 units

Demand at price of $3 = $38,000/$3 = 12,667 units approximately

Thus, with increase in price the demand gets to fall in number, though the revenue has increased.

Since the price is increasing by $1 per unit, thus the range is unit elastic.

The correct statement is C

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1. Explain how 'Returns to Scale' and 'Law of Diminishing Returns' would affect cost in a manufacturing company.​
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Law of diminishing return has a positive relationship with marginal cost

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2 years ago
the state transferred ownership of property to roger and pauline. which transfer document would the state agency use?
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The state transferred ownership of property to Roger and Pauline, the transfer document that the state agency will use us a deed of assignment.

<h3>What is a deed of assignment?</h3>

It should be noted that the deed of assignment simply means an instrument that's used to illustrate that a transfer has taken place.

Any property transaction needs a deed of assignment because it serves as the primary record between the seller and the buyer proving that all negotiations, inquiries, and other required due diligence have been made, the purchase price has been paid, and all other prerequisites have been met.

In this case, the state transferred ownership of property to Roger and Pauline, the transfer document that the state agency will use us a deed of assignment.

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