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Elasticity
Essay specific features
Written by:
Laurel S
Date added:
February 18, 2014
Level:
University
Grade:
B
No of pages / words:
4 / 1057
Was viewed:
7562 times
Rating of current essay:
Essay content:
If Elasticity is less than one (1), demand for the product is relatively inelastic. Since quantity demanded reacts at a minimum to a change in price, a price increase would actually work in increasing total revenue. A revised computation of the previous example can illustrate this effect.
Price (Px) Quantity Demanded (Qx) Total Revenue (Px X Qx)
P6/slice 10 slices P60
P10/slice 8 slices P80
Price Elasticity = (10-8)/(10+8) = ...
displayed 300 characters
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For an Elasticity of greater than one (1) or when the change in price corresponds to greater change in quantity demanded, a price reduction would be most appropriate to increase total revenue.
Price (Px) Quantity Demanded (Qx) Total Revenue (Px X Qx)
P6/slice 10 slices P60
P5/slice 18 slices P90
Price Elasticity = (18-10)/(10+18) = 1...
displayed 300 characters
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