. UT Sports, a store that sells various types of sports clothing and other sports items, is planning to introduce a new design of World Cup Kits. A consultant has estimated the demand curve to be Q= 8400 – 420 P Where Q is cap sales and P is price. How many KITs could UT sell at $25.2 each?How much would the price have to be to sell 7,560 KITs?Suppose UT were to use the KITs as a promotion. How many KITs could UT give away free?At what price would no KITs be sold?Calculate the point price elasticity of demand at a price of $ 25.2.

Answered: UT Sports, a store that sells various…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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. UT Sports, a store that sells various types of sports clothing and other sports items, is planning to introduce a new design of World Cup Kits. A consultant has estimated the demand curve to be

Q= 8400 – 420 P

Where Q is cap sales and P is price.

How many KITs could UT sell at $25.2 each?
How much would the price have to be to sell 7,560 KITs?
Suppose UT were to use the KITs as a promotion. How many KITs could UT give away free?
At what price would no KITs be sold?
Calculate the point price elasticity of demand at a price of $ 25.2.

Expert Solution

Step 1

Given:

Q= 8400 – 420 P

Where Q =cap sales

P=price.

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