You are analyzing the market for beach chair rentals at a local public beach. At a price of $15 Qd = 250. At $20 Qd = 238. What is the elasticity of demand? At what price point is revenue higher. Where would you price at if this was your only data to work with.

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Analyzing Beach Chair Rental Demand We can calculate the price elasticity of demand using the follow... View the full answer