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Category > Economics Posted 03 May 2017 My Price 4.00

Microeconomics question

Microeconomics question

 

When a company decides to change the price of a product, it knows the demand for that product will change as a result. Elasticity measures this change in demand as a result in the change in price.

In an effort to increase revenue for the insurance industry, all insurance companies increased prices by 20 percent. To its dismay, only a 10% increase in revenue was received instead of the 20% increase that was expected.

Prepare an essay that addresses the following questions:

  • What does this say about the elasticity demand for insurance products?
  • What were the insurance companies assuming the elasticity demand would be?

Need 400 words are more No copying please

Answers

SuperTutor
(15)
Status NEW Posted 03 May 2017 06:05 AM My Price 4.00

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file 1493794513-Solutions file.docx preview (56 words )
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