2. Consider the following demand schedule for widgets: Price ($ per widget) Quantity (# per month) 15 50 10 70 85 95 What is the price elasticity of demand for widgets between $8 and $10? What is the elasticity of demand between $2 and $4? As price decreases, demand becomes more / less elastic. What is total revenue nar month 442
2. Consider the following demand schedule for widgets: Price ($ per widget) Quantity (# per month) 15 50 10 70 85 95 What is the price elasticity of demand for widgets between $8 and $10? What is the elasticity of demand between $2 and $4? As price decreases, demand becomes more / less elastic. What is total revenue nar month 442
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![2. Consider the following demand schedule for widgets:
Price ($ per widget)
Quantity (# per month)
15
50
70
10
8.
6.
4.
85
95
What is the price elasticity of demand for widgets between $8 and $10?
What is the
elasticity of demand between $2 and $4?
As price decreases, demand becomes
more / less elastic. What is total revenue per month at a price of $10?
A reduction
in price from $10 to $8 causes total revenue to rise / fall because demand is elastic / inelastic. If
price is currently $10, then a 1% decrease in price will cause a
percent increase/
decrease in quantity demanded.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd4e94df0-a904-4eec-878e-91cd2dc96075%2F182dd7eb-a15d-4e4a-ac54-86f8ebb949d6%2Fvhtv0m_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2. Consider the following demand schedule for widgets:
Price ($ per widget)
Quantity (# per month)
15
50
70
10
8.
6.
4.
85
95
What is the price elasticity of demand for widgets between $8 and $10?
What is the
elasticity of demand between $2 and $4?
As price decreases, demand becomes
more / less elastic. What is total revenue per month at a price of $10?
A reduction
in price from $10 to $8 causes total revenue to rise / fall because demand is elastic / inelastic. If
price is currently $10, then a 1% decrease in price will cause a
percent increase/
decrease in quantity demanded.
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