Mathematics
Mathematics, 03.03.2021 22:30, AlysonDvz5464

1b. What is the elasticity of demand for beef between price $9 and $11? Is demand for beef, elastic, inelastic or unit elastic? Why?
2. The producer of X is contemplating a price change and has asked
for your advice. After some empirical investigation, you conclude that
the price elasticity of demand for X is 1.25. As an economist, what
would you advise the producer to do in order to raise total revenue?
Would you advise him to raise prices or lower prices of good x?
Why? Explain.

answer
Answers: 3

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1b. What is the elasticity of demand for beef between price $9 and $11? Is demand for beef, elastic...

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