Leopard golf clubs usually sell for $1300. At this price, the retailer can sell on average 20 sets per week. For every $50 reduction in price, sales of the golf increase by two sets per week. Similarly, for every $50 increase in price, sales decrease by two sets per week. Determine the optimum price to maximize revenue.

If the price elasticity of demand for gasoline equals 0.3, then qn increase in the price of a gallon of gasoline from $3.70 to $3.90  A) decreases total revenue. B) increases total revenue. C) leads to no change in total revenue. D) makes the demand for gasoline elastic. E) Both answers B and D are correct.

Melanie really enjoys using her old-school charcoal grill to cook steaks, but she has found that due to environmental regulations, charcoal prices have gone up 50%. What is her price elasticity of demand for the rest of this month going to be compared to what it will be in the spring? Please explain why.

Take care of plagiarism.   1.A 10% increase in price that leads to a 12% decrease in the amount purchased indicates a price elasticity of more than 1 (in absolute value). True False   2. A 10% increase in price that leads to a 2% decrease in total expenditures (or total revenue) indicates a price elasticity of more than 1 (in absolute value). True False   3. If the percentage change in price is less than the resultant percentage change in quantity demanded, demand is__________ .(elastic/inelastic/unit elastic)

Suppose your elasticity of demand for your parking lot spaces is –2, and price is $8/day. If your MC is zero, and your capacity is 80% full at 9 A.M. over the last month, are you optimizing?  

b) When the price is $166.10, the demand is (elastic/inelastic) which means that as price the revenue will (increases/decreases) (increase/decrease)

A firm estimates its price elasticity of demand for poutine to be -2 and its elasticity of demand with respect to advertising to be 0.1. The firm currently charges $10 and sells 10,000 units. What will lead to a larger increase in revenue: a $2 drop in price (while keeping advertising constant) or doubling the amount of advertising (while keeping the price constant)?

The elasticity of demand is used to determine if a change in price results in a shortage or a surplus. find the market equilibrium. determine if consumers will or will not buy a product. measure how responsive consumers are to a change in price. determine in what direction the demand curve shifts if income changes.

Which one of the following factors does not shift the demand curve for a product to the right?(A) to advertise successfully(B) fall in the price of its complements(C) increase in the price of its substitutes(D) fall in the price of the product itselfPlease dont use any ai tool.

The supply curve will be more price elastic if the good has few substitutes the time the producer has to adjust is long demand is price elastic demand is price inelastic