Question: Cost functions, a part of the definition of profit, are useful to gauge the performance of the business. Suppose an economist estimated…
September 3, 2020
Pump priming is governmental deficit spending. That concept has been the basics of all stimulus spending ideas.
September 3, 2020

Assume you are selling a product in which at a price of $10, you can sell 90 units. When the price increases to $11, you can only sell 63 units. Given this change in price and sales, answer the following:

What is the price elasticity of demand for your product?

Is demand elastic, unit-elastic or inelastic?

What is the change in revenue for this product from the price increase

The change in revenue would be?

Place Order