Question

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                                                                                     Microeconomics

1 - This activity will use the price elasticity formula to compute percentage changes in price, quantity, or elasticities, and relate price elasticity and revenue:

Fill in the missing amounts in the following table:

% change in Price % change in Quantity Elasticity
Demand for beer at a Packers game +20% -.15
All gasoline prices 15% -.3
Gas at the local gas station 10% -30%

Determine how a 10% increase in price in beer at a Packer game, all gasoline prices, and the price of gas at one local gas station will affect the total revenue collected from the price increase.

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