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Lily runs a convenience store near her house. One of the most popular products is the Summer Paradise Ice cream cone. The product was sold
Lily runs a convenience store near her house.
One of the most popular products is the "Summer Paradise" Ice cream cone.
The product was sold out two weeks ago, in anticipation of a hot summer month.
Lily sold 150 cones last year, at a price of $60 per cone. Lily estimated that the price elasticity of the annual demand for the "Summer Paradise" Ice cream cone is given by:
= -p/(250-p)
where p is the price per cone and p < 250.
Calculate the annual demand for the product (in cones) when the price is $50 per cone.
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