Calculate price elasticity of demand if revenues is given, Microeconomics

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Calculate price elasticity of demand if revenues is given

Assume Qd = 2700 when P = 11. And Qd = 2100 when P = 13. Calculate the price elasticity of demand? (using 1st method I got 1.24) (using 2nd method i got 1.221)

a. what would happen to revenues in the above example if the firm lowered prices slightly. explain?

b. Given the answer to question above, should firms lower prices?

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Microeconomics: Calculate price elasticity of demand if revenues is given

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Q : Calculate price elasticity of demand if revenues is given

Assume Qd = 2700 when P = 11. And Qd = 2100 when P = 13. Calculate the price elasticity of demand? (using 1st method I got 1.24) (using 2nd method i got 1.221)

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Microeconomics: Calculate price elasticity of demand if revenues is given

Reference No:- TGS074476

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Recent Questions Asked Microeconomics

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Ask an Expert for Answer!!

Microeconomics: Calculate price elasticity of demand if revenues is given

Reference No:- TGS074476

Recent Questions Asked Microeconomics

Q : What you are learning about your personal and professional

Q : Budget and actual results for the month

Q : Calculate the required sample size

Q : The same principle applies to past tense subjects and verbs

Q : Calculate price elasticity of demand if revenues is given

Q : Accounting equation for vajen

Q : Relationship between iso9000 and tqm

Q : What is the project''s npv

Q : The best guide to the use of an appropriate software

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