Economists estimate the short run elasticity of demand for, Ask an Expert

Economics

Economists estimate the short run elasticity of demand for a Chipotle burrito is -2.25.

i) What degree of elasticity does Chipotle burritos exhibit?

ii) A 1% change in the price of Chipotle burritos would do what to the quantity demanded of Chipotle burritos?

iii) What would happen if Chipotle lowered its burrito price by 2% to its sales (numeric answer)?

iv) What happens to Chipotle's total revenue if it were to lower its price by 2%?

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9618260

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