Suppose that in 2017, Ford sold 500,000 Mustangs at an average price of $28,800 per car; in 2018, 600,000 Mustangs were sold at an average price of $29,500 per car. These statements

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The increase in both the number of Mustangs sold and the average price per car suggests that demand for Mustangs increased between 2017 and 2018. This is because, in a typical market, an increase in price would lead to a decrease in quantity demanded. However, in this case, the increase in price was more than enough to offset the decrease in quantity demanded, leading to an overall increase in revenue for Ford. This suggests that the Mustang is a relatively inelastic good, meaning that changes in price have a relatively small effect on changes in quantity demanded.

Suppose That in 2017, Ford Sold 500,000 Mustangs at an Average