You decide to introduce the jacket. After setting the initial price at $174.99 listed in question...
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You decide to introduce the jacket. After setting the initial price at $174.99 listed in question 14. you observe that your company earned $24,498.60 of annual revenue on the new jacket. With the positive returns from customers, you decide to increase the price to $189.99 for the next quarter and observe that your revenue decreased to $22,798.80. What is the estimated price elasticity in for the jacket? Round to two decimal places. You decide to introduce the jacket. After setting the initial price at $174.99 listed in question 14. you observe that your company earned $24,498.60 of annual revenue on the new jacket. With the positive returns from customers, you decide to increase the price to $189.99 for the next quarter and observe that your revenue decreased to $22,798.80. What is the estimated price elasticity in for the jacket? Round to two decimal places.
Expert Answer:
Answer rating: 100% (QA)
To calculate the estimated price elasticity we can use the formula Pri... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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