Business, 26.03.2020 23:27 RandomUser101

A newspaper recently lowered its price from 55 cents to 50 cents. As it did, the number of newspapers sold increased from 310,000 to 350,000. a. What was the newspaper’s elasticity of demand? Instructions: Enter your response rounded to two decimal places. Price elasticity of demand: b. Given that elasticity, did it make sense for the newspaper to lower its price? Demand is so it make sense to lower the price because it total revenue. c. What would your answer be if much of the firm’s revenue came from advertising and the higher the circulation, the more it could charge for advertising?

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A newspaper recently lowered its price from 55 cents to 50 cents. As it did, the number of newspaper...

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