Question
At $81 , a firm can sell 4,360 stereo earphones (3.5 mm for android). At this price, elasticity is estimated at 2.4. What is the
At $81 , a firm can sell 4,360 stereo earphones (3.5 mm for android). At this price, elasticity is estimated at 2.4. What is the change in total revenue (+ or -) if the firm drops price by 9%? Round your answer to the nearest dollar.
The correct answer is 37,633
Please explain how that is the correct answer? Thank you
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Essentials of Marketing
Authors: William D. Perreault, Joseph P. Cannon
13th edition
78028884, 978-0078028885
