Homework: Ch 10 Marketing Metrics 1 Question 1, Metrics 10.1 Part 1 of 5 HW Score: 0%, 0 of 1 point O Points: 0 of 1 o Save Pricing Mini Case: Maximizing total revenue for bubble tea sales Imagine you are the head of marketing for a national chain of bubble tea stores. Historically, every store has charged the same price for bubble tea (and they only serve a single size). Recently, a pricing experiment was conducted in some of the stores to see if a price increase could lead to increased total revenue. 3 Click the icon to view the description of the experiment. Click the icon to view the spreadsheet with the information about (a) the average monthly bubble tea units sold per store and (b) the price for bubble tea being charged at those stores during the experiment. Click the icon to view the demand chart. Calculate and interpret the price elasticity of demand for each bubble tea price level. (Round to two decimal places.) Price per Bubble Tea Price Elasticity of Demand Interpret Price Elasticity Current price $4.50 More Info More Info Q Q Curront price Test Market A Test Market B Test Market C Test Market D Avg. Monthly Bubble Tea Store Price per Bubble Sales Tea 140 $4.50 120 $5.50 100 $6.50 80 $7.50 60 $8.50 9.00 8.00 3 7.00 6.00 5.00 4.00 a 3.00 82.00 a 1.00 0.004 40 60 80 100 120 140 Avg. Monthly Bubble Tea Sales Per Store 160 Print Done