Table below shows the demand for haircuts from seniors and other customers on an average weekday in the local hairdressing shop. Price of Haircut $22 20 18 16 14 12 10 8 6 4 Quantity Demanded by Seniors 2 6 10 14 18 22 26 30 34 38 Quantity Demanded by Other Customers 8 4.20 10 12 14 16 18 20 22 24 26 a) Between the prices of $18 and $22, which of the two demands is more elastic? Round your answers to 2 decimal places. The price elasticity of demand for seniors is The price elasticity of demand for other customers is [ The elasticity of demand is greater for (Click to select) b) What price would give the shop the greatest sales revenue?

Table below shows the demand for haircuts from seniors and other customers on an average weekday in the local hairdressing shop. Price of Haircut $22 20 18 16 14 12 10 8 6 4 Quantity Demanded by Seniors 2 6 10 14 18 22 26 30 34 38 Quantity Demanded by Other Customers 8 4.20 10 12 14 16 18 20 22 24 26 a) Between the prices of $18 and $22, which of the two demands is more elastic? Round your answers to 2 decimal places. The price elasticity of demand for seniors is The price elasticity of demand for other customers is [ The elasticity of demand is greater for (Click to select) b) What price would give the shop the greatest sales revenue?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3. Find the price elasticity of supply using the below table price Quantity 30 12 50 • Determine if the good is considered elastic, inelastic, Substitute, complement, normal or inferior.
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#14 only
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