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ECO - Price Elasticity of Demand for footballs

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Question;Please include step by step instructions:Qd = 450 ? 5P where Qd is the quantity demanded of footballs and P is the price of footballs.If the price of footballs is $9, what will be the total revenue collected from the sale of footballs? I got 3645 for this.What is the Price Elasticity of Demand for footballs between the prices of $5 and $6 (please give your answer in the form of a fraction)?What is the price elasticity of demand at a price of $24?If the price of footballs is $24, should the firm raise or lower their price if they want to increase their total revenue.What price should the firm charge if it wants to maximize its revenue?

 

Paper#56290 | Written in 18-Jul-2015

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