Essay
A grocery store raises the price of organic oranges from $1.50 per orange to $1.95 per orange. The quantity of oranges sold then changes from 4000 oranges per month to 3200 oranges per month. (a) Calculate the change in total revenue. (b) Based on the change in total revenue, can you tell whether the demand for organic oranges is elastic or inelastic?
Correct Answer:
Verified
Correct Answer:
Verified
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