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Question 1

Suppose that you know that the price elasticity of demand is 0.1.

If we increase the price of the this product, then that the total revenue will

 

Hint




Question 2

Suppose that you know that the price elasticity of demand is 1.2.

If we decrease the price of the this product, then that the total revenue will

 

Hint




Question 3

Suppose that when the store increases the price of cereal from $2.6 to $4, quantity demanded decreased from 200 to 130.

What is the change in total revenue as a result of this price change.

Make sure to include a negative sign in your answer if necessary.

 

Hint