Table 7-12
$\begin{array}{|r|c|c|}
\hline \text { Price of Book } & \begin{array}{c}
\text { Copies Sold at } \
\text { That Price }
\end{array} & \begin{array}{c}
\text { Total Revenue at } \
\text { That Price }
\end{array} \
\hline \$ 14.99 & 100,000 & \$ 1,499,000 \
\hline 9.99 & 174,000 & 1,738,00 \
\hline
\end{array}$
-Refer to Table 7-12.Based on the data in the table,between a price of $9.99 and $14.99,the demand for books is
A) elastic.
B) unit elastic.
C) inelastic.
D) perfectly inelastic.

Question

Table 7-12
 $\begin{array}{|r|c|c|}
\hline \text { Price of Book } & \begin{array}{c}
\text { Copies Sold at } \
\text { That Price }
\end{array} & \begin{array}{c}
\text { Total Revenue at } \
\text { That Price }
\end{array} \
\hline \$ 14.99 & 100,000 & \$ 1,499,000 \
\hline 9.99 & 174,000 & 1,738,00 \
\hline
\end{array}$
-Refer to Table 7-12.Based on the data in the table,between a price of $9.99 and $14.99,the demand for books is
A) elastic.
B) unit elastic.
C) inelastic.
D) perfectly inelastic.

Quizplus · Accepted Answer

The demand is elastic because the total revenue increases as the price decreases from $14.99 to $9.99, indicating that the percentage increase in quantity demanded is greater than the percentage decrease in price.

Table 7-12 -Refer to Table 7-12