Question

(3.A) When bottlers increased the price of canned soda from vending machines by 10%, sales dropped by 2.5%. Calculate the elasticity of demand for canned soda.

(3.B) Refer to part (a). The total revenue received by bottlers from their sales of canned soda is equal to the price of canned soda times the number of cans sold (TR = P soda × Q soda). In approximate percentage terms, what was the impact of the bottlers’ price change on total revenue?

Answer 1

Answer:

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