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Demand elastic or inelastic in that price range

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Reference no: EM131205183

Suppose the following demand for iPhone apps:

Price (per app) $10 $9 $8 $7 $6 $5 $4 $3

Quantity

Demanded (millions) 2 3 4 5 6 7 8 9

a. At $9, what quantity is demanded?

b. If the price drops to $6, what quantity is demanded?

c. Is demand elastic or inelastic in that price range?

d. If advertising convinces people to demand 3 million more apps at every price, how many apps will be demanded at a price of $9?

e. Graph the above answers, using Point A for (a), Point B for (b) and Point C for (d).

Reference no: EM131205183

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