Posted: February 15th, 2021
When the price of a Sony portable CD player rises from $125 to $150, quantity demanded falls from 750 per week to 600. Calculate price elasticity of demand using midpoint method and what would happen to total revenue? Draw a graph to show the changes in price and quantity. What can we say about the price elasticity of demand for Sony portable CD players? Draw a graph to show price elasticity of demand?
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