Question
Table below shows the demand for haircuts from seniors and other customers on an average weekday in the local hairdressing shop. Price of Haircut Quantity
Table below shows the demand for haircuts from seniors and other customers on an average weekday in the local hairdressing shop.
Price of Haircut | Quantity Demanded by Seniors | Quantity Demanded by Other Customers |
$24 | 2 | 8 |
22 | 5 | 9 |
20 | 8 | 10 |
18 | 11 | 11 |
16 | 14 | 12 |
14 | 17 | 13 |
12 | 20 | 14 |
10 | 23 | 15 |
8 | 26 | 16 |
6 | 29 | 17 |
a) Between the prices of $20 and $24, which of the two demands is more elastic? Round your answers to 2 decimal places.
The price elasticity of demand for seniors is ______
The price elasticity of demand for other customers is ______
The elasticity of demand is greater for (Click to select) seniors, other customers
b) What price would give the shop the greatest sales revenue?
_____
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