Yesterday the price of envelopes was 3 a box and julie was, Ask an Expert

Economics

Yesterday, the price of envelopes was $3 a box, and Julie was willing to buy 10 boxes. Today, the price has gone up to $3.75 a box, and Julie is now willing to buy only 8 boxes. Is Julie's demand for envelopes elastic or inelastic? What is Julie's elasticity of demand, using the midpoint formula? For higher revenue, would you recommend higher or lower price to the seller?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91570031

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