The full question is uploaded in jpg format Q.No.1. .a) When the price of a product is lowered from £350 to £200 quantity demandedincreases from 600 to 750 units. Calculate the elasticity of demand over this section ofits demand schedule.

The elasticity of demand measures the responsiveness of quantity demanded changes as a result of…

Answered: When the price of a product is lowered…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. As the owner of an ice-cream store, you believe it is necessary to purchase another ice-cream maker to meet the increased demand. You need to take a loan to finance it. The loan officer tells you that your revenues of $750,000 are insufficient to support additional debt. To qualify for the loan, your revenues need to be $50,000 higher. To generate additional revenue, you collect data on the price (in cents) per pound you charge customers and the related quantity of ice-cream consumed per year in pounds. The information is saved in HW3_2.xlsx. Use these data to estimate the log-linear demand specification to obtain least squares estimated of the demand for ice-cream. Write an equation that summarizes the demand for ice cream, and then determine the percentage price increase or decrease that is needed in order to boost revenues by $50,000.
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When the price of a product is lowered from £350 to £200 quantity demanded increases from 600 to 750 units. Calculate the elasticity of demand over this section of its demand schedule.