Calculate the amount of revenue the seller would receive

Reference no: EM131240781

The graph above shows the demand curve for pineapples.

a. Calculate the amount of revenue the seller would receive if the price is set at $3.

b. Calculate the amount of revenue the seller would receive if the price is set at $5.

c. Reasoning from the results you just calculated, is the demand for bananas elastic or inelastic, in this range of prices? How do you know?

Reference no: EM131240781

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