When the price of shirts emblazoned with a college logo is $20, consumers buy 150 shirts per week. When the price declines to $19, consumers purchase 200 shirts per week. Based on this information, calculate the price elasticity of demand for logo emblazed shirts.
When the price of shirts emblazoned with a college logo is $20, consumers buy 150 shirts per week. When the price declines to $19, consumers purchase 200 shirts per week. Based on this information, calculate the price elasticity of demand for logo emblazed shirts.
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 6P
Related questions
Question
7. Suppose that in a recent market period, the following relationship existed between the
Price |
Quantity Demanded (Millions) |
Quantity Supplied (Millions) |
$330 |
100 |
40 |
$340 |
90 |
60 |
$350 |
80 |
80 |
$360 |
70 |
100 |
$370 |
60 |
120 |
8. When the price of shirts emblazoned with a college logo is $20, consumers buy 150 shirts per week. When the price declines to $19, consumers purchase 200 shirts per week. Based on this information, calculate the price elasticity of
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