Asked by Caitlyn Christy on Jul 12, 2024
Verified
The total revenue received by sellers of a good is computed by
A) multiplying the price times the quantity sold.
B) adding the price and the quantity sold.
C) multiplying the percentage change in price times the percentage change in quantity.
D) dividing the percentage change in quantity by the percentage change in price.
Quantity Sold
The total number of units of a product or service that have been sold within a specific time period.
- Understand the concept of price elasticity of demand and its calculation methods.
Verified Answer
JA
Jordan A MitchellJul 14, 2024
Final Answer :
A
Explanation :
Total revenue is calculated by multiplying the price of the good by the quantity of the good sold.
Learning Objectives
- Understand the concept of price elasticity of demand and its calculation methods.