Patty's Putts increased the price of a round of miniature golf by 66.0%. Patty has calculated her price elasticity of demand a 0.12. She can expect the number of golfers to Patty can expect the number of golfers to change by (round your answer to one decimal) Patty can expect her total revenue to
Patty's Putts increased the price of a round of miniature golf by 66.0%. Patty has calculated her price elasticity of demand a 0.12. She can expect the number of golfers to Patty can expect the number of golfers to change by (round your answer to one decimal) Patty can expect her total revenue to
Chapter20: Elasticity: Demand And Supply
Section: Chapter Questions
Problem 11E: The price elasticity of the demand for gasoline is -0.02. The price elasticity of demand for...
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Answer (1):
% increase in the price of one round of miniature golf = 66%
Price elasticity of demand = 0.12
(a).
Explanation:
Since the price of one round of miniature golf has increased the number of golfers will decrease.
(b).
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