Answer to Question #127139 in Economics of Enterprise for a a

Question

Presented below is the table related to Fiction Books price and quantity demanded:
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Price | Quantity Demanded
10$ | 200
12$ | 140
14$ | 100
16$ | 80


1. Calculate the Mid-Point of Quantity and the Mid-Point of Price when price increases from $10 to $12.

2. Calculate the Price Elasticity of Demand and state if Demand is elastic or inelastic.?

3. In order to maximize the Total Revenue, should the bookstore increase the price for fiction books? Explain why?

Answer 1

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