Mark is selling gourmet apples at a price of $3 per pound. currently, he sells 150 pounds of apples per week. this week, mar
k raises his price to $5, and his sales of apples fall to 100 lbs. mark's initial revenue from apple sales was $ nothing. mark's new revenue from apple sales is $ nothing. since mark's revenue increased when the price of apples rose, the demand for mark's gourmet apples must be ▼ elastic unitary inelastic .
In this example, we learn that Mark's revenue increased when the price of the apples rose. This means that the demand for Mark's gourmet apples must be inelastic. The elasticity of demand refers to the degree to which demand responds to a change in another economic factor. Elastic demand exists when the changes in demand follow the changes in price. Inelastic demand occurs when consumers do not significantly change their habits, regardless of changes in price.
Mark's initial revenue was $450 (150lb)($3) and his new revenue was $500 (100lb)($5). Since Mark's revenue increased when the price if apples rose, the demand for Mark's gourmet applies must be inelastic. Elastic, because even though there was a change in price, the change in price wasn't substantial.
In my opinion they can be a big problem because if you can not use the uber in some community it's useless but they are banning ubers because the taxis business are loosing money and the uber is replacing the taxi business.
There is an own opinion question, so try to answer by yourself
A. All of these 3 other possible answers that are listed here are true reasons.
Explanation:
If we are to use wage the rate of change in wages or inflation, as a proxy for inflation in the economy, when there is unemployment, the number of persons searching for work is significantly greater than the number of jobs available for the people who are unemployed. What we mean is, the supply of labor is greater than the demand for it.
With the availability of many workers, there's little need for employers to "bid" for the services of employees by paying them good wages.
