Because of a typhoon in the city, the price of cabbages rose from P60.00 to P80.00, and the quantity demanded falls from 150 kilos to 100 kilos. a. Compute for the price elasticity for this price range. b. What is the interpretation of this price elasticity of demand? c. What happens to the total revenue of sellers when the price of cabbages increases?

Because of a typhoon in the city, the price of cabbages rose from P60.00 to P80.00, and the quantity demanded falls from 150 kilos to 100 kilos. a. Compute for the price elasticity for this price range. b. What is the interpretation of this price elasticity of demand? c. What happens to the total revenue of sellers when the price of cabbages increases?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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