(Answered) Last month ricks bike shop inc increased the price on the

Economics

Last month, Rick's Bike Shop, Inc. increased the price on the 24 ounce can of bearing grease by 1%. In response, sales dropped by 4%.

A. Calculate the point price elasticity of demand for bearing grease.

B. Last week Café Bistro reduced its prices on its chicken sandwiches from $3.50 per sandwich to $2.99 per sandwich and it sales for sandwiches increased by 30%, and its sales of soft drinks also increased by 45%.

What is the own price elasticity of demand?

What is the cross price elasticity of demand?

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Business Economics, Economics

Category:- Business Economics
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