Statistics Solutions

(Step-by-Step) The demand schedule for sugar is What happens to total revenue if the price of sugar rises from $5 to $15 per pound? What happens to tota1

Question: The demand schedule for sugar is

  1. What happens to total revenue if the price of sugar rises from $5 to $15 per pound?
  2. What happens to tota1 revenue if the price rises from $15 to $25 per pound?

C. At what price is total revenue at a maximum? Use the total revenue test to answer this question:

d. At an average price of $20 a pound, is the demand for sugar elastic on inelastic? Use the total revenue test to answer this question.

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