1.) If you were a manager of a business selling RESTAURANT MEALS, what would hap
ID: 1200435 • Letter: 1
Question
1.) If you were a manager of a business selling RESTAURANT MEALS, what would happen to your GROSS REVENUES if you LOWERED the price of this product per meal? A. Gross revenues would DECREASE if you lowered the price of each meal B. Gross revenues would REMAIN THE SAME if you lowered the price of each meal C. Gross revenues would INCREASE if you lowered the price of each meal
2.)
Milk is
Unit elastic
Elastic
Inelastic
3.)
Fresh peas are
Unit elastic
Elastic
Inelastic
Major league baseball tickets are
Unit elastic
Elastic
Inelastic
4. ) Lamb & mutton are
Unit elastic
Elastic
Inelastic
5.)
ELASTIC products tend to have
Few practical substitutes
Many practical substitutes
A.Unit elastic
B.Elastic
C.Inelastic
Explanation / Answer
Milk is inelastic
Fresh peas are elastic.
Lamb and motton are elastic
Elastic products tend to have many practical substitutes
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