Fiona’s fish emporium increased its total monthly revenue from $1,500 to $1,800 when it raised the price of tropical fish from $5 to $9. the price elasticity of demand for fiona’s fish emporium is

We need first to calculate how much the quantity demanded changed

The quantity of fish demanded with a revenue of $1,500 at $5 per fish is equal to:

$1,500/$5 = 300

For a revenue of $1,800 at $9 per fish:

$1,800/$9 = 200

Now we can calculate the price elasticy of demand. Remember the formula

PED = ΔQuantity /ΔPrice

ΔQuantity = Q2 - Q1 / Q1

Where Q1 is the old quantity demanded and Q2 is the new quantity demanded

ΔQuantity = 200 - 300/300

                   = -0.33

ΔPrice = P2 - P1/P1

Where P1 is the old price and P2 is the new price

ΔPrice = 9 - 5/5 = 0.8

Now we can finally calculate the price elasticity of demand

PED = -0.33/0.8

       = -0,4125

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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