Demand for chocolate chip cookies. Good Times Bakers works out a demand function for its chocolate...
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Demand for chocolate chip cookies. Good Times Bakers works out a demand function for its chocolate chip cookies and finds it to be q=D(x)=856-12x where q is the quantity of cookies sold when the price per cookie, in cents, is x. a) At what price is the elasticity of demand equal to 1? (Round to the nearest cent) AR b) At what prices is the elasticity of demand elastic? X sign) c) At what prices is the elasticity of demand inelastic? X answer in part a. (< or >) (Only enter in your choice of the inequality sign) answer in part a. (< or >) (Only enter in your choice of the inequality d) At a price of 20¢ per cookie, will a small increase in price cause the total revenue to increase or decrease? (Increase or Decrease) Demand for chocolate chip cookies. Good Times Bakers works out a demand function for its chocolate chip cookies and finds it to be q=D(x)=856-12x where q is the quantity of cookies sold when the price per cookie, in cents, is x. a) At what price is the elasticity of demand equal to 1? (Round to the nearest cent) AR b) At what prices is the elasticity of demand elastic? X sign) c) At what prices is the elasticity of demand inelastic? X answer in part a. (< or >) (Only enter in your choice of the inequality sign) answer in part a. (< or >) (Only enter in your choice of the inequality d) At a price of 20¢ per cookie, will a small increase in price cause the total revenue to increase or decrease? (Increase or Decrease)
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