Mark is selling gourmet apples at a price of $2 per pound. currently, he sells 100 pounds of apples per week. this week, mark raises his price to $3, and his sales of apples fall to 75 lbs. mark's initial revenue from apple sales was $ nothing. mark's new revenue from apple sales is $ nothing. since mark's revenue increased when the price of apples rose, the demand for mark's gourmet apples must be ▼ elastic unitary inelastic .

Question

13-03-2018
Business

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Mark is selling gourmet apples at a price of $2 per pound. currently, he sells 100 pounds of apples per week. this week, mark raises his price to $3, and his sales of apples fall to 75 lbs. mark's initial revenue from apple sales was $ nothing. mark's new revenue from apple sales is $ nothing. since mark's revenue increased when the price of apples rose, the demand for mark's gourmet apples must be ▼ elastic unitary inelastic .

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MrsTriplet MrsTriplet · Answer 1 · 2018-03-22T16:56:29+01:00

Since Mark's revenue increased when the price of apples rose, the demand for Mark's gourmet apples must be inelastic.

When you measure the elasticity of demand, it's showing how the quantity demanded of a good or service changes when the price and only the price changes. Some products have an elastic outcome and some inelastic based on demand and how customers react to the price changes.