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Last week you sold 800 units of a good at a price of $90 each. This week you would like to sell 950 units. The elasticity of demand for your product is -1.5. What price should you charge?

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 8SQP: Charles loves Mello Yello and will spend 10 per week on the product no matter what the price. What...

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Solve it correctly please. I

Last week you sold 800 units of a good at a
price of $90 each. This week you would like
to sell 950 units. The elasticity of demand
for your product is -1.5. What price should
you charge?

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