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What is the price elasticity of demand at price

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Reference no: EM133268698

1. Consider the demand equation, Q = 120 ? 4P. If a firm sells at the unit elastic price on this demand curve, what is the total revenue it will receive? The total revenue received at this point would be ____________.

2. (a)

Jaime owns a monopoly business selling sweatshirts. The demand for her product is given by: Q = 1600 ? 20P. She is currently selling sweatshirts at P = $40. What is the price elasticity of demand at this price? You will have to use the point elasticity formula. The price elasticity of demand at this price is ___________

(b)

Consider your answer to the previous question. If Jaime wants to increase the revenue received by her firm, what should she do?

A. She should raise the price of her sweatshirts.

B. She should lower the price of her sweatshirts.

C. She is already maximizing her revenue and should not change her prices.

Reference no: EM133268698

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