a. How much would the firm’s revenue change if it lowered price from $12 to $10? Is demand elastic or inelastic in this range? Revenue change:
Instructions: All dollar responses should be entered as whole numbers. Include a minus (-) sign for all negative answers.
a. How much would the firm’s revenue change if it lowered price from $12 to $10? Is demand elastic or inelastic in this range?
Revenue change:
Demand is (Chooe one) inelastic elastic unitary elastic in this range
b. How much would the firm’s revenue change if it lowered price from $4 to $2? Is demand elastic or inelastic in this range?
Revenue change:
Demand is (Choose one) inelastic unitary elastic in this range
c. What price maximizes the firm’s total revenues? What is the
A price that maximizes total revenues: $
Demand is (Choose one) unitary elastic inelastic elastic at this point
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