Relationship between Total Revenue and PED Quiz

A pharmaceutical company manufactures a life-saving drug that has no close substitutes. When the company increases the price of the drug by 5%, the quantity demanded decreases by only 1%. This scenario illustrates:

A gas station sells 1000 gallons of gasoline a day at $3.00 per gallon. After increasing the price to $3.10, sales decrease to 980 gallons a day. This price increase has led to:

A store sells 300 units of a product per month at $20 each. After reducing the price to $18, sales increase to 400 units per month. This price reduction has led to:

A company sells 150 units of a gadget per week at $50 each. After increasing the price by 10% to $55, the quantity sold decreases by 10% to 135 units per week. This price increase has led to:

A bookstore increases the price of a certain novel by 10%, and as a result, the quantity demanded of the novel decreases by exactly 10%. This scenario is an example of:

A company selling artisanal coffee notices that a slight decrease in the price of their coffee leads to a significant increase in the quantity sold. This scenario is an example of: