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Category > Economics Posted 03 May 2017 My Price 6.00

newspaperâs elasticity of demand

A newspaper recently lowered its price from 50 cents to 30 cents. As it did, the number of newspapers sold increased from 240,000 to 280,000.

  1. What was the newspaperâs elasticity of demand?
  2. Given that elasticity, did it make sense for the newspaper to lower its price?
  3. What would your answer be if much of the firmâs revenue came from advertising and the higher the circulation, the more it could charge for advertising?

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SuperTutor
(15)
Status NEW Posted 03 May 2017 05:05 AM My Price 6.00

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