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Rolf's supermarket sells 24,000 pounds of oranges per week

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Question

Rolf's supermarket sells 24,000 pounds of oranges per week at a price of.45 per pound. An economist has reported that the arc elasticity of deman for the oranges over the price range.45 to.35 per pound is -2.0. If Rolf's lowers its orange price to.35 per pound, determine how many oranges it will sell per week and what the change in total revenue from orange sales will be.

 

Paper#27994 | Written in 18-Jul-2015

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