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l Assume lawyer services have an elasticity of demand of2.0 in absolute value. Currently, a lawyer charges $300 per consultation and she has 100 consultations
l Assume lawyer services have an elasticity of demand of2.0 in absolute value. Currently, a lawyer charges $300 per consultation and she has 100 consultations per week. If she raises her rate to $375 per consultation (3 25% increase) her revenue will (u se the general formula for elasticity not the midpoint formula) 0 fall from $30,000 per week to $26000 per week. rise from $30,000 per week to $31500 per week fall from $30,000 per week to $18750 per week. rise from $30,000 per week to $33150 per week 000
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