Alpha Geek

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Category > Economics Posted 19 Jun 2017 My Price 3.00

Mindy is trying to estimate the elasticity of demand for a product she wants to sell at a craft fair

 

Mindy is trying to estimate the elasticity of demand for a product she wants to sell at a craft fair. She has been told that she can expect to sell 10 items if she charges a price of $10, six items if she charges a price of $20, and 18 items at a price of $5.

a. Make a demand schedule to show the quantities demanded at each price, and plot a demand curve. b. At which price would the total expenditures by consumers be greatest for the product? At what price would expenditures be the smallest?

 

 

 
 

Answers

Alpha Geek
(8)
Status NEW Posted 19 Jun 2017 04:06 PM My Price 3.00

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Attachments

file 1497888635-2254272_1_636332007375308765_trans1.xlsx preview (10 words )
Pr-----------ice-----------Qua-----------nti-----------tyE-----------xpe-----------ndi-----------tur-----------eEx-----------pen-----------dit-----------ure----------- is----------- hi-----------ghe-----------st -----------at -----------$20----------- an-----------d l-----------owe-----------st -----------at -----------pri-----------ce -----------$5.----------- -----------
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