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Suppose in 1992, the own price of a particular good is $1.25 and 1559 units were sold and in 1999 the price increases to $4.74

Suppose in 1992, the own price of a particular good is $1.25 and 1559 units were sold and in 1999 the price increases to $4.74 and as a result, 1326 units were sold, calculate (a) the own-price elasticity of demand Solution: (b) the growth rate of the revenue between 1992 and 1999. interpret your result. Solution:

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