A retail store faces a demand equation for Roller Blades given by: Q = 180 - 1.5P where Q is the number of pairs sold per month and P is the price per pair in dollars. The store currently charges P = $80 per pair. At this price, determine the number of pairs sold. If management were to raise the price to $100, what would be the impact on pairs sold? On the store’s revenue from Roller Blades?

A retail store faces a demand equation for Roller Blades given by: Q = 180 - 1.5P where Q is the number of pairs sold per month and P is the price per pair in dollars. The store currently charges P = $80 per pair. At this price, determine the number of pairs sold. If management were to raise the price to $100, what would be the impact on pairs sold? On the store’s revenue from Roller Blades?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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