1. Answer the following questions based on the accompanying diagram. a. How much would the firms revenue...
Question:
1. Answer the following questions based on the accompanying diagram.
a. How much would the firm’s revenue change if it lowered price from $12 to
$10? Is demand elastic or inelastic in this range?
b. How much would the firm’s revenue change if it lowered price from $4 to
$2? Is demand elastic or inelastic in this range?
c. What price maximizes the firm’s total revenues? What is the elasticity of demand at this point on the demand curve?
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