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If Pete raises his price of muffins from $2 to $3 and his sales revenue increases from $35

If Pete raises his price of muffins from $2 to $3 and his sales revenue increases from $35,000 to $38,000, then:
 
(A) the demand for Pete's muffins in this range is pirce elastic
(B) the demand for Pete's muffins in this range is prince in elastic
(C) the demand for Pete's muffins in this range is unitelastic
(D) the percentage change in quantity demanded must exceed the percentage change in product price
(E) this is impossible since this would violate the law of demand

Jun 01 2018 View more View Less

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