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6. Discuss the implication or application of Price Elasticity to the formulation of BUSINESS STRATEGY to MAXIMIZE TOTAL REVENUE.

6. Discuss the implication or application of Price Elasticity to the formulation of BUSINESS STRATEGY to MAXIMIZE TOTAL REVENUE.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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SUBJECT: MANAGERIAL ECONOMICS

COURSE CODE: BEC 101

I'VE ALREADY ANSWER NUMBER 1, PLEASE HELP ME IN NUMBER 6

PRICE ELASTICITYOF DEMAND: APPLICATION FOR BUSINESS STRATEGY TO MAXIMIZE TOTAL REVENUE GIVEN: The following hypothetical data concerning PRICE "P" and QUANTITY demand (Qd) and Points "A" to "I" along the Demand Line that represent various combinations of "P" and "Qd", respectively. POINT PRICE QUANTITY DEMANDED (Pt) (P) (Qd) A 80 В C 70 60 100 200 50 300 40 400 30 20 500 600 G 10 700 800 REQUIREMENTS: 1. Using Microsoft EXCEL, plot the above data set on a graph so that you can show the geometric interpretation with appropriate calibration on the vertical sand horizontal axis for PRICE and QUANTITY, respectively. 90 80 A 70 B 60
Transcribed Image Text:PRICE ELASTICITYOF DEMAND: APPLICATION FOR BUSINESS STRATEGY TO MAXIMIZE TOTAL REVENUE GIVEN: The following hypothetical data concerning PRICE "P" and QUANTITY demand (Qd) and Points "A" to "I" along the Demand Line that represent various combinations of "P" and "Qd", respectively. POINT PRICE QUANTITY DEMANDED (Pt) (P) (Qd) A 80 В C 70 60 100 200 50 300 40 400 30 20 500 600 G 10 700 800 REQUIREMENTS: 1. Using Microsoft EXCEL, plot the above data set on a graph so that you can show the geometric interpretation with appropriate calibration on the vertical sand horizontal axis for PRICE and QUANTITY, respectively. 90 80 A 70 B 60
6. Discuss the implication or application of Price Elasticity to the formulation of BUSINESS STRATEGY to MAXIMIZE TOTAL REVENUE. *******k**
Transcribed Image Text:6. Discuss the implication or application of Price Elasticity to the formulation of BUSINESS STRATEGY to MAXIMIZE TOTAL REVENUE. *******k**
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