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Total revenues from ice cream sales

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Reference no: EM131589234

Travis's demand for ice cream is QT = 12 - 3P and Maya's is QM = 6 - P.

1) Find the market demand for ice cream if Travis and Maya are the only two consumers in the market.

2) What is the price elasticity of demand when P = 2?

3) At this price, is demand elastic, unit elastic, or inelastic?

4) If this price were to increase by a little bit, what would happen to the total revenues from ice cream sales?

Reference no: EM131589234

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