Label the scenarios as examples of elastic, inelastic, or unit elastic demand. a. When Ruko, a device used to stream movies at home, increases prices by 48 %, total revenue decreases by 59 %.
b. When Cinema Supreme decreases ticket prices by 12 %, total revenue does not change.
c. When Bluebox, a DVD rental kiosk, increases its prices by 52 %, total revenue increases by 34 %.

A) elastic demand

B) unit elastic demand

C) inelastic demand

Explanation:

A)

increases prices = 48 %

total revenue decreases = 59% hence, this is elastic demand. Since increase in price has brought about decrease in quantity demand definitely revenue will fall

B)

decreases ticket prices = 12 %

total revenue doesn't altered hence it s unit elastic demand, since there is change in price and quantity demand. So revenue remains unaltered.

C)

increases its prices = 52%

total revenue increases = 34%

Quantity demanded is lower to change in price hence, increase in total revenue. Hence it's inelastic demand

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