Question: Study Problem 4-9 (algo) Table below shows the demand for haircuts from seniors and other customers on an average weekday in the local hairdressing shop.

Study Problem 4-9 (algo) Table below shows the

Study Problem 4-9 (algo) Table below shows the demand for haircuts from seniors and other customers on an average weekday in the local hairdressing shop. Price of Haircut $20 18 16 14 Quantity Demanded by Seniors 3 6 9 12 15 18 21 24 27 30 Quantity Demanded by Other Customers 7 8 9 10 11 12 13 14 15 16 12 19 8 6 4 a) Between the prices of $16 and $20, which of the two demands is more elastic? Round your answers to 2 decimal places. The price elasticity of demand for seniors is 4.5 The price elasticity of demand for other customers is 1.125 The elasticity of demand is greater for seniors b) What price would give the shop the greatest sales revenue? 312

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