Question

"Last October, due to an early frost, the price of a pumpkin increased by 10 percent compared to the price in the previous Halloween season. As a result, the quantity demanded county-wide decreased from 2 million to 1.5 million." Based on this statement, it is certain that the Group of answer choices total revenue from the sale of pumpkins decreased. demand curve for Halloween costumes shifted leftward. demand curve for pumpkins shifted leftward. price elasticity of demand for pumpkins decreased from its value in previous years.

Answer 1

total revenue from the sale of pumpkins decreased.

Step-by-step explanation:

From the question we are informed Last October, whereby due to an early frost, the price of a pumpkin increased by 10 percent compared to the price in the previous Halloween season. As a result, the quantity demanded county-wide decreased from 2 million to 1.5 million." Based on this statement, it is certain that total revenue from the sale of pumpkins decreased.

Total revenue can be regarded as total amount of sales of goods/ services. It can be expressed as ( quantity of the sold goods × price of the goods ). It is the overall receipt obtainable by a seller after selling goods/ service to buyers. From the question, we can see that total revenue from the sale of pumpkins decreased.