Google Answers: Microeconomics

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Q: Microeconomics ( No Answer, 2 Comments )

Question

Subject: Microeconomics
Category: Business and Money > Economics
Asked by: henrietta105-ga
List Price: $2.00

Posted: 07 Jan 2006 10:44 PST
Expires: 06 Feb 2006 10:44 PST
Question ID: 430379

What happens to total revenue if the price of sugar rises from $5.00
to $15.00 per pound?

Answer

There is no answer at this time.

Comments

Subject: Re: Microeconomics
From: tidakapadua-ga on 07 Jan 2006 16:29 PST

Total Revenue = Total Quantiy x Price

Subject: Re: Microeconomics
From: frankcorrao-ga on 09 Jan 2006 10:25 PST

This question is missing key information, namely the price elasticity
of demand of sugar. If you raise prices, quantity demanded typically
decreases.  Sugar is probably fairly inelastic, but I guarantee it is
not perfectly inelastic.

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