Multiple Choice
You are the owner of a boutique clothing store and estimate the price elasticity of demand for your clothing to be 2.50 and the income elasticity of demand for your clothing to be 1.55. If you increase the price of your clothing, you should expect which of the following to occur?
A) an increase in your total revenue
B) no change in your total revenue
C) an increase in the quantity demanded of your clothing
D) a decrease in your total revenue
Correct Answer:
Verified
Correct Answer:
Verified
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