Tara owns a business that makes decorated facemasks. Using the mid-point method, the % change in...

Tara owns a business that makes decorated facemasks. Using the mid-point method, the % change in price for her premium facemask if she raises her price from $5 to $9 per mask is and the % change in quantity demanded if her sales drop from 300 masks a week to 200 masks a week with this change is . The price elasticity of demand for these facemasks (to 2 decimal pts) is . This elasticity number indicates that demand for these masks is elastic or inelastic? Does revenue for Tara’s business increase, decrease or stay the same when she raises her price to $9? . Knowing this, Tara should charge $ for her masks. At that price, Tara would make $ in revenue per week.

Expert Solution

The price elasticity of demand had been calculated as per mid point elasticity method the formula for which has been clearly mentioned on first page of solution itself. The Elasticity has been calculated as (-)0.70 it means that it is inelastic (as it is less than 1) or Ed<1

So Tara could easily raise the price of facemask from$5 to $9 per unit as she can earn more revenue by doing this. The revenue will increase to $1800 from the Previous total revenue of $1500.

Rahul Sunny answered 1 year ago

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