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Keep getting elasticity of demand wrong help You have been hired as a marketing consultant to Johannesburg Burger Supply, Inc., and you wish to come

Keep getting elasticity of demand wrong help

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You have been hired as a marketing consultant to Johannesburg Burger Supply, Inc., and you wish to come up with a unit price for its hamburgers in order to maximize its weekly revenue. To make life as simple as possible, you assume that the demand equation for Johannesburg hamburgers is linear. (a) Your market studies reveal the following sales figures: When the price is set at $2.00 per hamburger, the sales amount to 8000 per week, but when the price is set at $4.0 per hamburger, the sales drop to zero. Use these data to find the linear demand function g(p), where p is the price per hamburger and q is the number of hamburgers they sel that price per week. q(p) = -4000p + 16000 O X (b) Find the price elasticity of demand. E(p ) = Iri (c) When you raise the price by 1% from $2 per hamburger, the demand decreases w | by 1 Demand is of unit elasticity. Gre Submit Answer Viewing Saved Work Revert to Last Response

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