Only typed answer and please don't use chatgpt The price elasticity of demand, ε = 1, when the price is equal to $When the price is $2.50, the total revenue is equal to $The above two cases are▼ demand.an(Round your answer to two decimal places.)▼with the total revenue test since a fall in price is leading to a▼in total revenue in the presence of The hourly demand for music downloads is given by:Qd = 500-100Pwhere Qd is the number of songs demanded per hour and P is the price of downloading a song.Suppose that P = $3.20.The price elasticity of demand will be equal to. (Round your answer to two decimal places.)The total revenue will be equal to $.

Price elasticity of demand: It measures the percentage change in the quantity demanded for a 1%…

The hourly demand for music downloads is given by: Qd = 500-100P where Q is the number of songs demanded per hour and P is the price of downloading a song. Suppose that P = $3.20. The price elasticity of demand will be equal to The total revenue will be equal to $. (Round your answer to two decimal places.)

The hourly demand for music downloads is given by: Qd = 500-100P where Q is the number of songs demanded per hour and P is the price of downloading a song. Suppose that P = $3.20. The price elasticity of demand will be equal to The total revenue will be equal to $. (Round your answer to two decimal places.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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