What should be the quantity sold and will revenue increase, Microeconomics

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What should be the quantity sold and will revenue increase

The Teenager Company makes and sells skateboards at an average price of $70 each. Over the past year the sold 4,000 of these skateboards. The company believes that the price elasticity for this product is about -2.5. If it decreases the price to $63, what should be the quantity sold. Will revenue increase? Why?

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Microeconomics: What should be the quantity sold and will revenue increase

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Request for Solution File

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Microeconomics: What should be the quantity sold and will revenue increase

Reference No:- TGS072458

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : What is the equilibrium price for posters

Q : Prepare a bank reconciliation for ogleby boat company

Q : Relevant accounting standards

Q : Importance of developing and adhering to strategic plan

Q : What should be the quantity sold and will revenue increase

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: What should be the quantity sold and will revenue increase

Reference No:- TGS072458

Recent Questions Asked Microeconomics

Q : What is the equilibrium price for posters

Q : Prepare a bank reconciliation for ogleby boat company

Q : Relevant accounting standards

Q : Importance of developing and adhering to strategic plan

Q : What should be the quantity sold and will revenue increase

Q : Why are shakespeare''s writings

Q : What is the approximate value after 10 years

Q : New version of the vision supports lean

Q : Societal effects of market globalization

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