Total revenue when the market price is,
% CHANGE IN DEMAND=(42-48)/[(42+48)/2]=13.33
% change in Price=(125-100)/[(125+100)/2]=22.22
Ep=13.33/22.22
=0.59~0.6
inelastic
decrease
inelastic.
Your annual income is the amount your business earns from selling during the year. This does not include costs and costs. To calculate annual sales, multiply the quantity of each product you sell by the retail price, then add the annual sales of each product to get the total annual sales.
Sales are the total amount of annual revenue generated from the sale of goods or services related to a company's main activities. Income or net income is the total profit or profit of the business. Both sales and net income help determine a company's financial strength, but they are incompatible.
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