2.The shoe company in Marikina have decided to increase to 18% per pair of shoes to due to its high operating and production costs. The unit cost is 599.00. The original and new demand of pairs of shoes reached 500 to 450 units respectively Calculate the price elasticity of demand, determine the type of elasticity and plot the graph of price elasticity.
2.The shoe company in Marikina have decided to increase to 18% per pair of shoes to due to its high operating and production costs. The unit cost is 599.00. The original and new demand of pairs of shoes reached 500 to 450 units respectively Calculate the price elasticity of demand, determine the type of elasticity and plot the graph of price elasticity.
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter3: Demand Analysis
Section: Chapter Questions
Problem 3E
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