Honest Abe's Used Cars estimates the price elasticity of demand for their cars to be −5.1. Last month, Abe tried a new marketing scheme which decreased the number of cars sold by 95%. For the following numerical answers, please round your answer to one decimal. Abe must have increased his price by?

Paula sells boomerangs. The price elasticity of demand for boomerangs is 0.54. If Paula wishes to increase her revenue, should she raise or lower the price of boomerangs? Explain your answer in a few sentences.

if the price elasticity of demand for a product is 2.5, then a price cut from $2.00 to $1.80 will: ( note: don't use chat gpt or any ai bot)

Online the timing and tailoring of prices to specific products is the key to successful pricing in online markets. And " Thanks to the ready availability of data in online markets, a pricing manager can easily approximate the elasticity of demands for the different products it sells online." Assuming a 10 percent decrease in price increases sales by 30 percent, calculate the price elasticity of demand? If the wholesale price of the online product is $50 and sells at a price comparison site that charges $0.50 per click and boasts a conversation rate of 5 percent ( an average of 20 percent clicks are needed to generate sale), the incremental cost of each sale is $50. What price should you change for the product? What is the markup? B) . The authors assert that price sensitivity is affected by (1) product cycle, and (2) number of competitors. In fact, " When the number of competing sellers doubles, a firm's elasticity of demand is expected to double ( you should be able to verify this…