Explanation Given information: A table is given showing the price of a candy p , and q , the quantity sold at that price. Calculation: A table is given showing the price of a candy p , and q , the quantity sold at that price. From above table, a total of 2765 candies were sold at the price of $ 1.00 and 2440 candies were sold at the price of $ 1.25 . So, change in price Δ p = $ 1.25 − $ 1.00 = $ 0.25 . And corresponding change in demand Δ q = 2440 − 2765 = − 325 To determine (b) The estimated elasticity of demand at each of the price. To determine (c) The estimated price at which elasticity is 1 . To determine (d) The total revenue at each of the price given.

6th Edition

ISBN: 9781119267874

Author: Hughes-Hallett

Publisher: WILEY

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Question

Chapter 4.6, Problem 13P

To determine

(a)

The estimated elasticity of demand at the price of $1.00.

To determine

(b)

The estimated elasticity of demand at each of the price.

To determine

(c)

The estimated price at which elasticity is 1.

To determine

(d)

The total revenue at each of the price given.

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Chapter 4.6, Problem 12P

Chapter 4.6, Problem 14P

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Chapter 4 Solutions

APPLIED CALCULUS-WILEYPLUS

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