Question
George has been selling 5,000 T-shirts per month for $8.50. When he increased the price to $9.50 he sold only 4,000 T-shirts. What is the
George has been selling 5,000 T-shirts per month for $8.50. When he increased the price to $9.50 he sold only 4,000 T-shirts. What is the demand elasticity? If his marginal cost is $4 per shirt, what is his desired markup and what is his initial actual markup? Was raising the price profitable?
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The Worldly Philosophers The Lives, Times And Ideas Of The Great Economic Thinkers
Authors: Robert L Heilbroner
7th Edition
068486214X, 9780684862149
