- The article mentions that: â€œâ€¦companies [are] wagering that customers are willing to pay more as the â€¦economic expansion continues. Some are notching revenue at the expense of costumer counts or unit volumes.â€ 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?
- 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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