It's the year 2023 and you are the manager at a local brew pub here in Fayetteville. You are one of many local breweries in town; there customers have many options of where to spend their beer money. You want to increase revenue and decide to raise the price of a pint The table below shows the sales of beer from week 1 and sales in week 2 after you raised price. Table 1. Sales Data for Weeks 1 and 2 Week Week 1 Week 2 Price ($ per pint) $6.00 $8.00 Sales (Pints) 2,500 1,100 Using the information in the above table, what was the change in total revenue from week 1 to week 2 when you changed your price? answer without a dollar sign and indicate a decrease in revenue, if applicable, by including a negative (-) sign)

It's the year 2023 and you are the manager at a local brew pub here in Fayetteville. You are one of many local breweries in town; there customers have many options of where to spend their beer money. You want to increase revenue and decide to raise the price of a pint The table below shows the sales of beer from week 1 and sales in week 2 after you raised price. Table 1. Sales Data for Weeks 1 and 2 Week Week 1 Week 2 Price ($ per pint) $6.00 $8.00 Sales (Pints) 2,500 1,100 Using the information in the above table, what was the change in total revenue from week 1 to week 2 when you changed your price? answer without a dollar sign and indicate a decrease in revenue, if applicable, by including a negative (-) sign)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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