21 Jul WHAT IS THE ARC PRICE ELASTICITY AND WHAT WOULD BE THE COMPANYS REVENUE?
Manning Inc. is the leading manufacturer of garage doors. Demand for residential garage door sales Show more Manning Inc. is the leading manufacturer of garage doors. Demand for residential garage door sales depends of course on the rate of new home building activity which in turn depends on changes in income per capita. During the past year Manning sold 10000 garage doors at an average price of $1500 per door. In the upcoming year disposable income per capita is expected to increase from $32000 to $34000. Without any price change Manning expects upcoming year sales to rise to 12000 units. Given this information: Calculation: Calculate the arc income elasticity of demand. Arc Price: The company economist estimates that if the price of doors is increased by $100 per door they could sell 11500 doors. What is the arc price elasticity and what would be the companys revenue? Prices: Should Manning raise the price even more? If so to what amount? If not why not? Show less
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