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Question 1

Suppose that you know that the price elasticity of demand is 0.6.

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

 

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Question 2

Suppose that you know that the price elasticity of demand is 0.6.

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 $2.4 to $3.7, quantity demanded decreased from 210 to 140.

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.

 

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