ECO 550 Anielli Eugenia de Padua Guimaraes Week 2 Check Your Understanding
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Week 2 Check Your Understanding:
Chapter 3 Problems 3, 4 and 7
Chapter 4, Problems 5, 6 and 7
By:
Anielli Eugenia de Padua Guimaraes
To:
Dr. Gil Ramos
ECO 550: Managerial Economics
April 24, 2013
Week 2 - Check Your Understanding
Chapter 3: Problems 3, 4 and 7
Problem 3. The Olde Yogurt Factory has reduced the price of its popular Mmmm Sundae from to . As a result, the firm's daily sales of these sundaes have increased from 1,500/day to 1,800/day. Compute the arc price elasticity of demand over this price and consumption quantity range.
Q2 1800
Q1 1500
P2
P1
EP 1800 - 1500 300/1500 .20 or 20% Q
- -.5/ or -22% P
EP The arc price elasticity is -...
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