Question
Offered Price $8.00

How to find price elasticity - What is the price elasticity of demand

Question # 00542927
Subject: Economics
Due on: 06/09/2017
Posted On: 06/09/2017 03:25 AM

Rating:
4.1/5
Expert tutors with experiences and qualities
Posted By
Best Tutors for school students, college students
Questions:
96828
Tutorials:
96929
Feedback Score:

Purchase it
Report this Question as Inappropriate
Question
How to find price elasticity for this question: if the price drops from $3.50 per order to $2.50 per order, his daily sales rise from 300 to 500 orders. 

1)What is the price elasticity of demand for his “chicken wings?” 

2) Which price yields the greater total revenue? C. Peter is considering adding a new product, widgets, to the menu. He experimented and found out that a 10% increase in the price of wings causes a 20% increase in the quantity of widgets sold. What is the cross elasticity of demand between widgets and wings? Are they complements or substitutes? D. What is the difference between the price elasticity of demand and the slope of the demand curve? Are they related or same concept/

Tags price elasticity demand price elasticity demand widgets increase order wings causes quantity menu experimented complements curve related concept slope difference product substitutes sold peter rise ordersnbsp sales daily question drops 1what chicken revenue

Tutorials for this Question
Available for
$8.00

How to find price elasticity - What is the price elasticity of demand

Tutorial # 00540096
Posted On: 06/09/2017 03:26 AM
Posted By:
Best Tutors for school students, college students dr.tony
Expert tutors with experiences and qualities
Questions:
96828
Tutorials:
96929
Feedback Score:
Report this Tutorial as Inappropriate
Tutorial Preview …- xxxx is xxx price…
Attachments
How_to_find_price_elasticity_-_What_is_the_price_elasticity_of_demand.ZIP (18.96 KB)
Preview not available.
Purchase this Tutorial @ $8.00 *
* - Additional Paypal / Transaction Handling Fee (3.9% of Tutorial price + $0.30) applicable
Loading...