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Demand elastic or inelastic in that price range

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Reference no: EM131207382

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: EM131207382

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