Suppose that total expenditures for coffee reach a maximum at a price of $5 per pound.At this price,the demand for coffee is:
A)elastic.
B)inelastic.
C)unitary elastic.
D)perfectly inelastic.

Name: Suppose that total expenditures for coffee reach a maximum at a price of $5 per pound.At this price,the demand for coffee is: A)elastic. B)inelastic. C)unitary elastic. D)perfectly inelastic.
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Question

Quizplus · Accepted Answer

Total revenue is at its highest when elasticity equals one.

Suppose That Total Expenditures for Coffee Reach a Maximum at a Price