Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need a answer 2 Dixie Chicken sells an average of 2086 Freddie Burger platters per month over the past 6 months at an average

image text in transcribed

i need a answer 2

image text in transcribed
Dixie Chicken sells an average of 2086 Freddie Burger platters per month over the past 6 months at an average of $7.86 each. The price elasticity of Demand for this platter is estimated to be -0.33. If Dixie Chicken increases the price of the platter by 20% calculate how many Freddie Burger platters will Dixie Chicken sell and THEN compute the Total Revenue for 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 REVENUE FOR THE Burger platters that will be sold FOLLOWED by whether the revenue is HIGHER or LOWER e.g. 15680 HIGHER or e.g. 18620 LOWER NO $ signs, NO quotes NO comma's .. JUST the number ( 18620 ) followed by the word: HIGHER or LOWER Answer Check

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Advertising

Authors: William F Arens

16th Edition

1260735419, 9781260735413

More Books

Students also viewed these Economics questions