Suppose the demand for L.L. Bean coats is illustrated in the figure to the right. Suppose the price of L.L. Bean coats is $30. What is total revenue? $ response using a real number rounded to two decimal places.) Now suppose the price of L.L. Bean coats increases to $80. What is total revenue now? $. Given the change in total revenue caused by the price increase, demand for L.L. Bean coats is inelastic (Enter a numeric elastic 8 Price of L.L. Bean coats 140- 130- 120- 110- 100- 90- 80- 70- 60- 50- 40- 30- 20- 10- 0+ 0 20 40 60 80 100 120 140 160 180 200 Quantity of L.L. Bean coats.

Suppose the demand for L.L. Bean coats is illustrated in the figure to the right. Suppose the price of L.L. Bean coats is $30. What is total revenue? $ response using a real number rounded to two decimal places.) Now suppose the price of L.L. Bean coats increases to $80. What is total revenue now? $. Given the change in total revenue caused by the price increase, demand for L.L. Bean coats is inelastic (Enter a numeric elastic 8 Price of L.L. Bean coats 140- 130- 120- 110- 100- 90- 80- 70- 60- 50- 40- 30- 20- 10- 0+ 0 20 40 60 80 100 120 140 160 180 200 Quantity of L.L. Bean coats.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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