Question
3. Calculate the point elasticity for one chosen value of quantity demanded. Interpret the elasticity and...
3. Calculate the point elasticity for one chosen value of quantity demanded. Interpret the elasticity and what this information means for your company.
Quantity Price
84 59
80 65
85 54
83 61
81 64
84 58
87 48
78 68
82 63
76 70
79 65
75 80
Homework Answers
Answer #1
FromThe calculation it can be clearly seen that the demand is inelastic in nature because the value of price elasticity of demand is less than 1
if the demand is inelastic then price and revenue moves in same direction which means if price increases then revenue will also increase and vice versa
so here for the company if the company wants to increase the revenue then they must increase the price as well
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