100 POINTS MICROECONOMICS
A local drinking establishment recently raised its price of a draft beer from $4 to $5. As it did, the number of beers it sold decreased from 5,000 to 4,000 per month of this particular brew.
Over this price range, what was the elasticity of demand for this beer?
What was the degree of elasticity for this beer?
A 1% change in the price of this beer led to a change in quantity demanded of ___%?
What happened the bar’s total revenue as it raised its price?
Answers: 3
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100 POINTS MICROECONOMICS
A local drinking establishment recently raised its price of a draft beer...
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