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Essay

Elasticity

Essay specific features

 

Issue:

Miscellaneous

 

Written by:

Laurel S

 

Date added:

February 18, 2014

 

Level:

University

 

Grade:

B

 

No of pages / words:

4 / 1057

 

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7555 times

 

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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) = ...
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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...
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