Question
N2 After raising the price of Whole Milk by 20%, how much of a percentage increase or decrease in sales should Jenny expect? Denote a
N2
After raising the price of Whole Milk by 20%, how much of a percentage increase or decrease in sales should Jenny expect? Denote a decrease as negative and round your answer to two decimal places
| Price | Quantity | |
|---|---|---|
| Old | $3.75 | 200 |
| New | $4.50 | 168 |
| Percentage Change | 20.00% | -16.00% |
Item: Whole Milk
White, whole milk, non-branded.
Price Elasticity of Demand = -0.8
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Managerial Economics
Authors: William F. Samuelson, Stephen G. Marks
8th edition
1118808940, 978-1119025900, 1119025907, 978-1119025924, 978-1118808948
