Question
Suppose we know that the price elasticity of demand for sandals is -1.5.A shoe stores normally sells 100 pairs of sandals each month.If it decides
Suppose we know that the price elasticity of demand for sandals is -1.5.A shoe stores normally sells 100 pairs of sandals each month.If it decides to raise the price of its sandals by 30%, how many sandals would it then sell per month?
a) 115
b) 85
c) 70
d) 60
e) 55
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Managerial Economics and Organizational Architecture
Authors: James Brickley, Jerold Zimmerman, Clifford W. Smith Jr
5th edition
73375829, 978-0073375823
