Suppose that the price of a kilo of bananas drops from $5 to $3, and as...
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Suppose that the price of a kilo of bananas drops from $5 to $3, and as a result, the quantity sold increases from 80 to 120 kilos. a) What is the value of total revenue before and after the price change? Round your answers to 1 decimal place. $ and $ b) What is the percentage change in the price? c) What is the percentage change in the quantity? d) What is the value of the price elasticity of demand? Round your answer to 2 decimal places. e) Is the demand elastic or inelastic? (Click to select) (Click to select) inelastic elastic EA Suppose that the price of a kilo of bananas drops from $5 to $3, and as a result, the quantity sold increases from 80 to 120 kilos. a) What is the value of total revenue before and after the price change? Round your answers to 1 decimal place. $ and $ b) What is the percentage change in the price? c) What is the percentage change in the quantity? d) What is the value of the price elasticity of demand? Round your answer to 2 decimal places. e) Is the demand elastic or inelastic? (Click to select) (Click to select) inelastic elastic EA
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Related Book For
Microeconomics
ISBN: 9781464146978
1st Edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
Posted Date:
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