What degree of elasticity does chipotle burritos exhibit, Macroeconomics

Economists estimate the short run elasticity of demand for a Chipotle burrito is -2.25.

i)    What degree of elasticity does Chipotle burritos exhibit?

ii)    A 1% change in the price of Chipotle burritos would do what to the quantity demanded of Chipotle burritos?

iii)   What would happen if Chipotle lowered its burrito price by 2% to its sales (numeric answer)?

iv)   What happens to Chipotle's total revenue if it were to lower its price by 2%?

 

Posted Date: 4/6/2013 6:00:25 AM | Location : United States







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