Get your Assignment in a Minimum of 3 hours
Our academic experts are ready and waiting to assist with any writing project you may have. From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs.Free Inquiry Order A Paper Now Cost Estimate
Principles of Microeconomics Elasticity Concepts
Your store sells party hats (Ed= -2) and streamers (Ed= -1/3). You have a very large inventory that you are trying to sell off, then you will permanently close the store. Your entire focus to maximize your revenue.
1. Do party hats have elastic or inelastic demand?
2. If you raise the price of party hats by 12 percent, what percentage change in party-hat sales will you experience?
3. What effect will this have on your revenue?
4. Does this imply you should raise the price of party hats, or lower the price?
5. Do streamers have elastic or inelastic demand?
6. If you raise the price of streamers by 12 percent, what percentage change in streamer sales will you experience?
7. What effect will this have on your revenue?
8. Does this imply you should raise the price of streamers, or lower the price?
Save your time - order a paper!
Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlinesOrder Paper Now