Until recently, Cynthia's Cycles rented bicycles for $8 and they rented 320 bicycles per month. They just raised the price to $12 and as a result, they only rent 280 tickets  week.  Is the demand for the bycicle rentals elastic, inelastic, or unitary elastic? Did the toal revenue increase, decrease, or stay the same with the change in price?

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Q: Until recently, Cynthia's Cycles rented bicycles for $8 and they rented 320 bicycles pe month. They…

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Q: what is Elastic Demand

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Q: (c) Lara offers 100 autograph bats. If each is priced at p dollars, it is that the demand curve dq…

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Q: What is the difference between elastic demand and inelastic demand?

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Q: (c) Lara offers 100 autograph bats. If each is priced at p dollars, it is that the demand curve dq…

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Q: What is Elastic Demand?

A: Meaning of Price Elasticity of Demand: The price elasticity of demand refers to the situation under…