(Answered) Last week wallys burgers inc reduced the average price on

Engineering

Last week, Wally's Burgers, Inc. reduced the average price on the 1/2-pound Papa burger by 1%. In response, sales jumped by 2%.

1. Calculate the point price elasticity of demand for Papa burgers.

2. Calculate the optimal price for Papa burgers if marginal cost is $1 per unit.

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