these questions are based on the following article published

Questions:

  1. The article mentions that: “…companies [are] wagering that customers are willing to pay more as the …economic expansion continues. Some are notching revenue at the expense of costumer counts or unit volumes.” How can a company earn greater revenue by selling fewer units (i.e., counts or unit volumes) of output? What does this imply about the price elasticity of demand for this output?
  2. The article mentioned that Chipotle reported a 10 percent increase in sales over the past year despite charging higher prices for its food items. Which is the better explanation for this result: a change in demand or the price elasticity of demand for Chipotle food items? Explain briefly.
 
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