An exclusive yoghurt manufacture sellers 4000 gallons per month at a price of GHS 40 each. When the price is reduced to GHS 30 sales increase to 6000 gallons per month. 1.calculate the price elasticity of demand for the yoghurt over this Price range. 2.is the demand elastic or inelastic. 3.calculate the change in revenue due to the change in price
An exclusive yoghurt manufacture sellers 4000 gallons per month at a price of GHS 40 each. When the price is reduced to GHS 30 sales increase to 6000 gallons per month. 1.calculate the price elasticity of demand for the yoghurt over this Price range. 2.is the demand elastic or inelastic. 3.calculate the change in revenue due to the change in price
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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An exclusive yoghurt manufacture sellers 4000 gallons per month at a price of GHS 40 each. When the price is reduced to GHS 30 sales increase to 6000 gallons per month.
1.calculate the price elasticity of demand for the yoghurt over this Price range.
2.is the demand elastic or inelastic.
3.calculate the change in revenue due to the change in price
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