17) Suppose that when the store increases the price of laundry detergent from $2.50 to $3.90, quantity demanded decreased from 210 to 130. What is the change in total revenue as a result of this price change? Make sure to include a negative sign in your answer if necessary.
17) Suppose that when the store increases the price of laundry detergent from $2.50 to $3.90, quantity demanded decreased from 210 to 130. What is the change in total revenue as a result of this price change? Make sure to include a negative sign in your answer if necessary.
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 6PA: Suppose that your demand schedule for DVDs is as follows: Price Quantity Demanded (income = 10,000)...
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17) Suppose that when the store increases the price of laundry detergent from $2.50 to $3.90, quantity demanded decreased from 210 to 130.
What is the change in total revenue as a result of this price change? Make sure to include a negative sign in your answer if necessary.
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