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QUESTION
When the price of envelopes was $3 a box, Julie was willing to buy 10 boxes. Today, the price has gone up to $3.75 a box, and Julie is now willing to...
- When the price of envelopes was $3 a box, Julie was willing to buy 10 boxes. Today, the price has gone up to $3.75 a box, and Julie is now willing to buy only 8 boxes.
- Write the demand equation for Julie. Example: P= 20-3Q
- Is Julie's demand for envelopes elastic or inelastic? What is Julie's elasticity of demand, using the midpoint formula that we used in class?
- What is the marginal revenue (Change in revenue per one dollar of price change)?
