If you were to use a new technology that would enable a fifteen percent increase in your
Fantastic news! We've Found the answer you've been seeking!
Question:
- If you were to use a new technology that would enable a fifteen percent increase in your output, and the elasticity of demand of your product is -3, how would you adjust your price if you wanted to sell all of your output? (Show your calculations)
- 5% lower.
- 0.5% lower.
- 15% higher.
- 15% lower.
Related Book For
Managerial Economics A Problem Solving Approach
ISBN: 978-1133951483
3rd edition
Authors: Luke M. Froeb, Brian T. McCann, Mikhael Shor, Michael R. War
Posted Date: