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Economics

You operate your own business selling university t-shirts. The demand schedule for your t-shirts is as follows: P = 25 - 0.5Q.

a) Graph and label the demand curve for your t-shirts

b) Calculate the price elasticity of demand when price equals $10

c) In what range does price elasticity of demand fall at $10 (elastic, unit elastic, inelastic)?

d) If your goal is to maximize total revenue, how should you change the price if you are currently charging $10?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91696724

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