Question

For each of the following scenarios, what would happen to total revenue after a price increase? Give each scenario in the correct category: Increase total revenue or Decrease total revenue.(i) Coffee drinkers say there is no substitute.(ii) Brazil has a drought.(iii) Coffee drinkers decide to save their money for alcohol on Friday nights.(iv) Coffee drinkers discover a flavor of tea that tastes like coffee.(v) Leaf rust damages one-third of the world's coffee crop.

Answer 1

The price of particular product depends upon the availability of goods, services and the competition in the market.

What is the term total revenue about?

Total revenue is considered as the amount that include total of all products and services manufactured by company.

(i) Coffee drinkers say there is no substitute= Increase total revenue

(ii) Brazil has a drought=Increase total revenue

(iii) Coffee drinkers decide to save their money for alcohol on Friday nights=Decrease total revenue

(iv) Coffee drinkers discover a flavor of tea that tastes like coffee=Decrease total revenue

(v) Leaf rust damages one-third of the world's coffee crop= Increase total revenue

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