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A hat shop sells 20 hats per week at a price of $10 each. After the owner increases the price to $12 per hat, weekly sales fall to 15 hats. How did this price change affect the shop's total weekly revenue?
Hat Shop Pricing Decision
A local hat shop initially sells 20 hats per week at a price of $10 each. The owner decides to increase the price to $12 per hat, and as a result, weekly sales fall to 15 hats. Based on this information, the statement 'The price increase led to a decrease in the shop's total weekly revenue' is true.
Analyzing Revenue Changes
A hat shop sells 20 hats per week at a price of $10 each. When the owner raises the price to $12, weekly sales fall to 15 hats. Which statement below best breaks down the two opposing effects this change had on the shop's total weekly revenue?
Evaluating a Pricing Strategy
Explaining Shared Tax Burden
A hat shop initially sells 20 hats per week at a price of $10 each. After increasing the price to $12, weekly sales fall to 15 hats. Which statement provides the most accurate analysis of why the shop's total weekly revenue changed?
A local hat shop initially sells 20 hats per week at a price of $10 each. After increasing the price to $12, weekly sales fall to 15 hats. A business consultant analyzes this data and concludes: 'The price increase was a poor business decision because the shop sold fewer hats.' Which of the following statements provides the best critique of the consultant's reasoning?