Question 14 Mike's Mechanic Shop increased its total monthly revenue from $6,500 to $7,200 when it reduced the price of an oil change from $65 to $50. The price elasticity of demand for Mike's Mechanic Shop is [NOTE: Total Revenue Price x Quantity] = 1.38 0.72 0.39
Question 14 Mike's Mechanic Shop increased its total monthly revenue from $6,500 to $7,200 when it reduced the price of an oil change from $65 to $50. The price elasticity of demand for Mike's Mechanic Shop is [NOTE: Total Revenue Price x Quantity] = 1.38 0.72 0.39
Chapter5: Price Elasticity Of Demand And Supply
Section5.3: Determinants Of Price Elasticity Of Demand
Problem 1YTE: According to the previous discussion, what factors influence the price elasticity of demand for...
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can you answer both questions? i will like your answer
![Question 14
Mike's Mechanic Shop increased its total monthly revenue from $6,500 to $7,200 when it reduced
the price of an oil change from $65 to $50. The price elasticity of demand for Mike's Mechanic Shop
is
[NOTE: Total Revenue Price x Quantity]
1.38
0.72
0.39
Question 15
Hilary's Flower Shop increased its total monthly revenue from $3,500 to $4,200 when it reduced the
price of a bouquet of flowers from $12.50 to $10.00. The price elasticity of demand for Hilary's
Flower Shop is
[NOTE: Total Revenue - Price x Quantity]
1.8
0.56
0.82](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F846ff9a1-1b8d-4a6d-a33c-99bd5cf1d9ae%2Fe18a298f-ff78-48d1-99a5-0c5ce0170c33%2F318fnhw_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question 14
Mike's Mechanic Shop increased its total monthly revenue from $6,500 to $7,200 when it reduced
the price of an oil change from $65 to $50. The price elasticity of demand for Mike's Mechanic Shop
is
[NOTE: Total Revenue Price x Quantity]
1.38
0.72
0.39
Question 15
Hilary's Flower Shop increased its total monthly revenue from $3,500 to $4,200 when it reduced the
price of a bouquet of flowers from $12.50 to $10.00. The price elasticity of demand for Hilary's
Flower Shop is
[NOTE: Total Revenue - Price x Quantity]
1.8
0.56
0.82
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