Assume "Pasha doner", which Iis located next to your university decides to change the price of doner from S azn to 3 azn. As a result, quantity demanded chances from 2 doners to 4 doners. a. Using a midpoint method calculate elasticity coefficient and comment on it. Is the demand for doner price elastic? b. Will revenue of "Pasha doner increase or decrease after a change in price? a. Draw the relevant graph; (you may draw it on a draft paper) b. Calculate revenue before the change in price: C. Calculate revenue after the change in price: d. Calculate the change in reenue due to a change in price: e. Calculate the change in revenue due to a change in quantity demanded: f. Based on your calculations in parts 4) or 5), say which change is higher? Explain why?

Assume "Pasha doner", which Iis located next to your university decides to change the price of doner from S azn to 3 azn. As a result, quantity demanded chances from 2 doners to 4 doners. a. Using a midpoint method calculate elasticity coefficient and comment on it. Is the demand for doner price elastic? b. Will revenue of "Pasha doner increase or decrease after a change in price? a. Draw the relevant graph; (you may draw it on a draft paper) b. Calculate revenue before the change in price: C. Calculate revenue after the change in price: d. Calculate the change in reenue due to a change in price: e. Calculate the change in revenue due to a change in quantity demanded: f. Based on your calculations in parts 4) or 5), say which change is higher? Explain why?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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