1 point 19. (SHOW WORKINGS using midpoint method): Suppose that when Finance textbook are sold at $15.00 each, they gene

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1 Point 19 Show Workings Using Midpoint Method Suppose That When Finance Textbook Are Sold At 15 00 Each They Gene 1 (42.8 KiB) Viewed 47 times

1 point 19. (SHOW WORKINGS using midpoint method): Suppose that when Finance textbook are sold at $15.00 each, they generally sell 70 books per month. If they lower the price to $7.00, sales increase to 90 books per month. Given this information, we know that the price elasticity of demand will be 2.91, and an decrease in the price from $15.00 to $7.00 results in a increase in total revenue 2.91, and an decrease in the price from $15.00 to $7.00 results in a decrease in total revenue 0.34, and a decrease in the price from $15.00 to $7.00 results in a decrease in total revenue 0.34, and a decrease in the price from $15.00 to $7.00 results in a increase in total revenue