Elasticity Break Even Review

If the demand for a product changes when the price changes, the product is said to have ____________ demand.

• elastic

• inelastic

If the demand for a product does NOT change when the price changes, the product is said to have ____________ demand.

• elastic

• inelastic

Healthcare has mostly ____________ demand.

• elastic

• inelastic

Concerts and live entertainment have mostly ____________ demand.

• elastic

• inelastic

If a local pet groomer has $800 in expenses this month, and charges $30 for its standard shampoo & trim, how many shampoos must be done for the groomer to break even this month?

A small restaurant has $2,500 in expenses this month. How much revenue will the restaurant need to make in order to break even?