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Anvisha [2.4K]
2 years ago
6

When Heavenly Cookies prices its sugar cookies at $1.00, they sell 75 cookies. They lowered the price to $0.50 and sold 200 cook

ies. Their total revenue ________ because the price elasticity of demand for sugar cookies is ________.
a. rose; inelastic
b. rose; elastic
c. stayed the same; unitary elastic
d. fell; inelastic
e. fell; elastic
Business
1 answer:
Arisa [49]2 years ago
6 0

Answer:

Option (b) is correct.

Explanation:

At selling price = $1 and No. of units sold = 75 cookies,

Total revenue = selling price × No. of units sold

                       = $1 × 75 cookies

                       = $75

At selling price = $0.50 and No. of units sold = 200 cookies,

Total revenue = selling price × No. of units sold

                       = $0.50 × 200 cookies

                       = $100

Therefore, there is a rise in the total revenue from $75 to $100 and hence, price elasticity of demand for sugar cookies is elastic.

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Answer:

$35,800

Explanation:

Gross Profit = Net sales - Cost of goods sold

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