Lawnlech sells its laser hedge trimmer at a price of $275, and estimates price elasticity of demand at -3.9 at this price. LawnTech is thinking about raising its price by +4.0%. By what percent will Quantity sold change, given this change in price? Report your answer as a percent. Report 25.5%, for example, as "25.5". Remember to report the sign of the change. Rounding: tenth of a percent. Your Answer: Answer

Lawnlech sells its laser hedge trimmer at a price of $275, and estimates price elasticity of demand at -3.9 at this price. LawnTech is thinking about raising its price by +4.0%. By what percent will Quantity sold change, given this change in price? Report your answer as a percent. Report 25.5%, for example, as "25.5". Remember to report the sign of the change. Rounding: tenth of a percent. Your Answer: Answer

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In this question, you'll have to solve for price elasticity of demand using the percent change formula. When the old price of a food package was $4.64 per package, the old quantity was 1,081 packages were sold each day. After the price increased to the new price $10.89 per package, sales dropped to a new quantity of 447 packages per day. Using these numbers, what is the price elasticity of demand for food packages? Round your answer to 3 decimal places.
Producers of a certain brand of refrigerator will make 1600 refrigerators available when the unit price is $320. Ata unit price of $370, 5600 refrigerators will be marketed. Find the equation relating the unit price p of a refrigerator to the quantity supplied x if the equation is known to be linear How many refrigerators will be marketed when the unit price is s4207 refrigerators What is the lowest price at which a refrigerator will be marketed?
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Term used to describe demand that can be accuratelycalculated to meet the need of a production schedule,for example.
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