Increase total revenue price be increased or decreased

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Reference no: EM1320328

Q1. Problem
Demand Elasticity

1. A consultant estimates the price-quantity relationship for New World Pizza to be
P=50-5Q.
a. At Illustrate what output rate is demand unitary elastic?

b. Over Illustrate what range of output is demand elastic?

c. At the current price, 8 units are demanded each period. If the objective is to increase total revenue, should the price be increased or decreased? Explain.

Q2. Assume that workers in Transylvania can produce only 2 goods -- yo-yos or sweat socks. The Transylvanian currency is the dealer. In Illustrate what unit is the opportunity cost of yo-yos measured?

Reference no: EM1320328

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