Hat was the price elasticity of demand

Assignment Help Management Theories

Reference no: EM133461220

Case Scenario: Suppose the maker of a designer handbag decreased the price of a new bag by $70 with quantity of 2,800. Last week, the bag was decreased in price by $60 with a quantity of 3,000. The change in quantity would be calculated as such: Change In Quanity The change in price would be calculated as such: Change in Price Therefore the price elasticity of demand is calculated as such: Price elasticity of demand Suppose instead the bag price is decreased by $50 with a quantity of 3,200. Remember, last week the bag was decreased in price by $60 with a quantity of 3,000.

Question: Calculate and share what the % of change in quantity was. Likewise, calculate what the % change in price was. Finally, what was the price elasticity of demand?

Reference no: EM133461220

Questions Cloud

How do leaders deal with a cross-cultural team : Discuss one subjective and one objective dimensions of culture from each level. Explain how leaders are challenged to pay attention to these dimensions.

What suggestions can you make to maintain our mental health : What suggestions can you make to maintain our mental health for ourselves and to help others during the quarantine/Covid19 pandemic?

What workplace document are staff required to read : What workplace document are staff required to read and become familiar with, so they know what their legal responsibilities are in relation to various work

Significantly from other traditional theories of crime : What are the major assumptions of labeling and social reaction theory, and how do they differ significantly from other traditional theories of crime?

Hat was the price elasticity of demand : Calculate and share what the % of change in quantity was. Likewise, calculate what the % change in price was. Finally, what was the price elasticity of demand?

Correction play in greater criminal justice system : What role does correction play in the greater criminal justice system? What are the differences between institutional and community-based corrections?

How this business information system can be used : Identify an example of how your selected business information system could affect or is already affecting, the organization where you work, or one with

Should you make a normal monthly order or a special discount : What size should the order be? Show all calculations. Based upon this analysis, when will you need to make your next order?

What is your assessment on marawi siege : What is your assessment on Marawi Siege? Is there an Intelligence Operations failure?

User Account

All Pages