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Answer to Question #53518 in Microeconomics for Asif
Question #53518
Sailright Inc. manufactures and sells sailboards. Management believes that the price elasticity of demand is -3.0. Currently, boards are priced at 500 USD and the quantity demanded is 10,000 per year.
a) If the price is increased to 600 USD, how many sailboards will the company be able to sell each year.
b) How much will total revenue change as a result of the price increase?
a) If the price is increased to 600 USD, how many sailboards will the company be able to sell each year.
b) How much will total revenue change as a result of the price increase?
Expert's answer
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Comments
Dear Asif, find fixed answer in the attachment.
Did not understand the answer of the question #53518, please elucidate in easy way. the answer by you is Ed = -3.0, P = 600, the company be able to sell 10,000/(1 + |-3|*(600 - 500)/500) = 6,250 sailboards each year. b) The total revenue will change by TR2 - TR1 = 600*6,250 - 500*10,000 = 3,750,000 - 5,000,000 = -1,250 as a result of the price increase.
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