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The demand curve for haircuts at Terry Bernard's Hair Design is P= 20-0.20Q where Q is the number of haircuts per week and P is the price of a haircut. Terry is considering raising her price above the current price of $15. terry is unwilling to raise the price if the price hike will cause revenues to fall.

a. Should Terry raise the price of haircuts above $15? Why or why not?

b. Assume demand for Terry's haircuts increase to P=40 - 0.40Q. At a price of $15, should Terry raise the price of her haircuts? Why or why not?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M937831

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