题目内容
A business currently sells 10,000 units of its product each month at a price of $10 per unit. The product's price elasticity of demand is –0.4. Calculate the impact on the firm's total revenue per month if the price of the product is increased to $11 per unit. (Use the simple point method for calculating price elasticity of demand. Give your answer to the nearest whole number.) ____(Increase/Decrease) of $ ____.
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A firm currently sells its product at a price of $8 per unit, and generates sales revenue of $7,200 per day. The firm's management team decided to increase the price of the product to $8.40 but following this increase sales revenues fell to $7,106.40 per day. What is the price elasticity of demand of the product? (Use the simple point method for calculating price elasticity of demand. Give your answer to 1 decimal place. Ignore a minus sign.) ____.
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