Dixie Chickensells an average of 2105Freddie Burger plattersper month over the past 6 months at an average of $9.13 each. Theprice elasticityof Demandfor this platteris estimated to be -1.3.

If Dixie Chickenincreasesthe priceof the platterby 10%how many Freddie Burger platters will Dixie Chicken sell?

** HINT - use the basic formula: Elasticity = (Unknown Q / Change in Price) x (Average Price / Average Quantity sold)

** enter your answer forHOW many Burger platters will be soldFOLLOWEDbywhether the elasticity value isinelastic or elastic.

e.g.1274elastic

or

e.g.2814inelastic

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Dixie Chickensells an average of 1979Freddie Burger plattersper month over the past 6 months at an average of $8.98 each. Theprice elasticityof Demandfor this platteris estimated to be -0.61.

If Dixie Chickendecreasesthe priceof the platterby 20%how many Freddie Burger platters will Dixie Chicken sell?

** HINT - use the basic formula: Elasticity = (Unknown Q / Change in Price) x (Average Price / Average Quantity sold)

** enter your answer forHOW many Burger platters will be soldFOLLOWED bywhether the elasticity value isinelastic or elastic.

e.g.1274elastic

or

e.g.2814inelastic

Answer:

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Dixie Chickensells an average of 2106Freddie Burger plattersper month over the past 6 months at an average of $8.78 each. Theprice elasticityof Demandfor this platteris estimated to be -1.57.

If Dixie Chickendecreasesthe priceof the platterby 20% calculatehow many Freddie Burger platters will Dixie Chicken selland THEN compute theTotal Revenuefor the sales of Burger platters?

** HINT - use the basic formula: Elasticity = (Unknown Q / Change in Price) x (Average Price / Average Quantity sold)

**enter your answer for THE TOTAL REVENUEFOR THE Burger platters that will be soldFOLLOWED bywhether the revenue isHIGHER or LOWER.

e.g.15680HIGHER

or

e.g.18620LOWER

NO $ signs, NO quotes NO comma's .... JUST the number (18620) followed by the word: HIGHER or LOWER

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