Question
At the price of $11.50 per techD, they estimate that the industry can sell 37,592 techD a year. From experience, they know that the price
At the price of $11.50 per techD, they estimate that the industry can sell 37,592 techD a year. From experience, they know that the price elasticity of demand for techD is -1.27. At what price(s) will the quantity demanded be 49,481 techD per year?
Elasticity =(Q1-Q2)/(Q1+Q2)(P1-P2)/(P1+P2)
P1= 11.50 Q1= 37,592
P2 = ? Q2 = 49,481
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International Marketing And Export Management
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
8th Edition
1292016922, 978-1292016924
