Hans is a butcher in Washington. The following contains data on prices and weekly sales at his shop Good Beef Chicken Price 9.00/lbs $4.00/lbs Quantity 400 lbs 300 lbs ShS He estimates that the own price elasticity for beef is 2 and for chicken is .75. He also estimates that the cross price elasticity for chicken is .60. His current revenue from the sale of these two goods is making a total of $4800/week. In the spirit of the return to good times and outdoor grilling, he has decided to lower the price of beef for the summer, from $9.00 to $8.55. Overall, Hans can expect to take in dollars in revenue, given the information in this problem? (Revenue = Price x sales). Record your answer without a dollar sign and without a comma. Helpful Hint: In this problem, we are not changing the price of chicken.

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Please read attached article and then use it to answer the following questions. Do companies prefer to sell products that are more elastic or more inelastic?  Briefly explain. What does the article describe as the best way to calculate price elasticity, and what other information is relevant to inform marketing efforts? Suppose a marketing company runs a market test and finds that the price elasticity equals -0.6.  Would a company be more inclined to increase or to decrease price given this elasticity?  Explain what would happen to quantity purchased (by how much it would change) and total revenue (would it increase, decrease, or stay the same) if the company were to decrease price by 10%.

Alice loves Pepsi and will spend 10 per week on the product no matter the price. What is her price elasticity of demand?