Rosa is willing to pay $200 for the iPhone, but the actual price is $400. This m

Question

Rosa is willing to pay $200 for the iPhone, but the actual price is $400. This means 1 pts O Rosa will buy this product but will not receive any consumer surplus O Rosa will enjoy a consumer surplus of $200 if she buys the iPhone. O The iPhone is overpriced. O Rosa will not buy an iPhone. D Question 4 1 pts Pete's Ice cream shop did a survey and found that the price elasticity of demand for it's best selling cone was 2.5 based on i he wants to increase total revenue you would advise him to O Decrease the price. O Increase the price. Advertise since this is the only option that will increase total revenue. O Keep the price constant since a price increase or decrease will cause total revenue to fall.

Explanation / Answer

3. The correct answer is A, The price actually is more than what the consumer is willing to pay. The correct answer is A.

4. The correct answer is A. The demand is price elastic and os the prices need to be reduce to increase total reveue. The correct answer is A.

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