29 Jun At a price of $2 (price 1) each, Southern Hospitality Magazinesells
Question
At a price of $2 (price 1) each, Southern Hospitality Magazinesells 120,000 (quantity 1) copies of its magazines.
If the price is increased to $2.50 (price 2) each, 110,000 (quantity ) copies will be sold.Question
At a price of $2 (price 1) each, Southern Hospitality Magazinesells 120,000 (quantity 1) copies of its magazines.
If the price is increased to $2.50 (price 2) each, 110,000 (quantity ) copies will be sold.
Show the formula and your calculations for the price elasticity of demand.
Price elasticity of demand = Percentage change in Quantity / Percentage change in Price ( the symbol / means to divide). THIS means that you have to do a percentage change in
the numerator and a percentage change in the denominator. If you answer comes out negative we absolute it which means that your number is positive
If your number is greater than 1, it means that it is elastic. ( Quantity went down as the price went because people were price sensitive)
If your number is less than 1, it means that it is inelastic. ( not price sensitive)
What is Total Revenue for price 1 and quantity 1? (show formula and calculation)
What is Total Revenue for price 2 and quantity 2? (show formulat and calculation)
Did Total Revenue go up or down? How much?
Show the formula and your calculations for the price elasticity of demand.
Price elasticity of demand = Percentage change in Quantity / Percentage change in Price ( the symbol / means to divide). THIS means that you have to do a percentage change in
the numerator and a percentage change in the denominator. If you answer comes out negative we absolute it which means that your number is positive
If your number is greater than 1, it means that it is elastic. ( Quantity went down as the price went because people were price sensitive)
If your number is less than 1, it means that it is inelastic. ( not price sensitive)
What is Total Revenue for price 1 and quantity 1? (show formula and calculation)
What is Total Revenue for price 2 and quantity 2? (show formulat and calculation)
Did Total Revenue go up or down? How much?
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