Please see below. The pictures go together. Patty's Putts increased the price of a round of miniature golf by 66.0%. Patty has calculated her price elasticity of demand at0.12.She can expect the number of golfers toPatty can expect the number of golfers to change by (round your answer to one decimal)%Patty can expect her total revenue to In this question, assume that all variables other than price and quantity are held constant.At Betty's Burgers, the hamburgers have a price elasticity of demand = 2.05, and Betty increases her quantity sold by 75%.%3|Betty must haveBetty must have changed her price by (round your answer to one decimal)Due to the price change, Betty's total revenue will

Answered: Patty's Putts increased the price of a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please see below. The pictures go together.

Patty's Putts increased the price of a round of miniature golf by 66.0%. Patty has calculated her price elasticity of demand at
0.12.
She can expect the number of golfers to
Patty can expect the number of golfers to change by (round your answer to one decimal)
%
Patty can expect her total revenue to

In this question, assume that all variables other than price and quantity are held constant.
At Betty's Burgers, the hamburgers have a price elasticity of demand = 2.05, and Betty increases her quantity sold by 75%.
%3|
Betty must have
Betty must have changed her price by (round your answer to one decimal)
Due to the price change, Betty's total revenue will

Expert Solution

Step 1

We’ll answer the first question since the exact one wasn’t specified. Please submit a new question specifying the one you’d like answered.

Answer (1):

% increase in the price of one round of miniature golf = 66%

Price elasticity of demand = 0.12

(a).

Explanation:

Since the price of one round of miniature golf has increased the number of golfers will decrease.

(b).

$E = \frac{% c h a n g e i n t h e p r i c e o f o n e r o u n d o f m i n i a t u r e g o l d}{% c h a n g e i n t h e n u m b e r o f g o l f e r s} 0.12 = \frac{66}{% c h a n g e i n t h e n u m b e r o f g o l f e r s} % c h a n g e i n t h e n u m b e r o f g o l f e r s = 66 \times 0.12 % c h a n g e i n t h e n u m b e r o f g o l f e r s = 7.9 %$

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