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Question 1

Suppose that you know that the price elasticity of demand is 1.7.

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 1.4.

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 laundry detergent from $2.8 to$3.7, quantity demanded decreased from 190 to 170.

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