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Resulting percentage change in the quantity demanded

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Reference no: EM131204110

The elasticity of demand for product X is 2.8

(a) If the price of the product falls by 5%, what will be the resulting percentage change in the quantity demanded? Show your work.

(b) In question 2, does total revenue rise or fall as a result of the 5% price decrease? Explain briefly.

(c) If the price of the product rises by 7%, what will be the resulting percentage change in quantity demanded? Show your work.

(d) In question 5, does total revenue rise or fall as a result of the 7% price increase? Show your work.

Reference no: EM131204110

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