Suppose that the price of a kilo of bananas drops from $6 to $4, and as a result, the quantity sold increases from 85 to 115 kilos. a) What is the value of total revenue before and after the price change? Round your answers to 1 decimal place. 24 510 and $ 460 b) What is the percentage change in the price? 40% c) What is the percentage change in the quantity? d) What is the value of the price elasticity of demand? Round your answer to 2 decimal places. e) Is the demand elastic or inelastic?
Suppose that the price of a kilo of bananas drops from $6 to $4, and as a result, the quantity sold increases from 85 to 115 kilos. a) What is the value of total revenue before and after the price change? Round your answers to 1 decimal place. 24 510 and $ 460 b) What is the percentage change in the price? 40% c) What is the percentage change in the quantity? d) What is the value of the price elasticity of demand? Round your answer to 2 decimal places. e) Is the demand elastic or inelastic?
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 17SQ
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