a. If the firm wishes to maximize its total revenue, at what price should it sell its pots? What is its total revenue? $ b. Suppose that the firm were to increase its price by $4 from the price in (a). What will be the change in its total revenue? Give your answer as an absolute number. 64 What is the co-efficient for the price elasticity of demand between those two prices? Round your price answer to two decimal places. 280 14 c. Suppose that the firm were to decrease its price by $4 from the price in (a). What will be the change in its total revenue? Give your answer as an absolute number. 40 What is the co-efficient for price elasticity of demand between those two prices? Round your price answer to two decimal places.

a. If the firm wishes to maximize its total revenue, at what price should it sell its pots? What is its total revenue? $ b. Suppose that the firm were to increase its price by $4 from the price in (a). What will be the change in its total revenue? Give your answer as an absolute number. 64 What is the co-efficient for the price elasticity of demand between those two prices? Round your price answer to two decimal places. 280 14 c. Suppose that the firm were to decrease its price by $4 from the price in (a). What will be the change in its total revenue? Give your answer as an absolute number. 40 What is the co-efficient for price elasticity of demand between those two prices? Round your price 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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