If Sams, a local watering hole, increased the price of a pint of Guinness by 20%, it

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If Sam’s, a local watering hole, increased the price of a pint of Guinness by 20%, it estimates the number of MBA students purchasing Guinness would decrease by 4%. Based on this data

A Total revenues would increase because demand is elastic

B Total revenues would decrease because demand is elastic

C Total revenues would remain the same

D Total revenues would increase because demand is inelastic

Related Book For answer-question

Operations Management Creating Value Along the Supply Chain

ISBN: 978-0470525906

7th Edition

Authors: Roberta S. Russell, Bernard W. Taylor

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Posted Date: Dec 17, 2018 12:58 AM

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If Sams, a local watering hole, increased the price of a pint of Guinness by 20%, it

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Expert Answer:

Option D Elasticity of demand change in number ... View the full answer

Operations Management Creating Value Along the Supply Chain

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