1. Suppose the market demand curve for mink coats is as follows: Price ($) Quantity demanded of Mink Coats 500 500 1000 300 1500 200 2000 100 What is the price elasticity of demand for mink coats when the price increases from $1500 and $2000? а. b. What is the price elasticity of demand for mink coats when the price increases from $500 and $1000? Determine the nature of demand in terms of elasticity in (a) and (b) above Calculate the total revenue in (a) and (b) and state the relationship between price and total revenue based on the nature of the category of price elasticity of demand. с. d.
1. Suppose the market demand curve for mink coats is as follows: Price ($) Quantity demanded of Mink Coats 500 500 1000 300 1500 200 2000 100 What is the price elasticity of demand for mink coats when the price increases from $1500 and $2000? а. b. What is the price elasticity of demand for mink coats when the price increases from $500 and $1000? Determine the nature of demand in terms of elasticity in (a) and (b) above Calculate the total revenue in (a) and (b) and state the relationship between price and total revenue based on the nature of the category of price elasticity of demand. с. d.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 2PA
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