You sell hotdogs outside the library. Originally you sell your hotdog for $6 each and you sell 60 hotdogs per day. You trial selling your hotdogs for $4 each and notice you sell 100 hotdogs.a.Using the mid-point formula to calculate the % change in the price of hotdogs.b.Using the mid-point formula to calculate the % change in the quantity of hotdogs sold.c.Using a and b to determine the price elasticity of demand for selling hotdogs outside the library. Is demand inelastic or elastic?d.Explain using the elasticity you have calculated in c, whether you should you set your price at $6 or $4 in order to maximise total revenue? e.Should you continue to raise your price above %$6 or lower it further below $4 in order to maximise total revenue? When should you stop raising or lowering price to maximise total revenue?
“I’m trying to write my paper and I’m stuck. Can you help me?”
Yes, we can help you achieve academic success without the uncessary stress of deadlines.
Our reliable essay writing service is a great opportunity for you to save your time and receive the best paper ever.
You sell hotdogs outside the library
Plagiarism-free and delivered on time!
We are passionate about delivering quality essays.
Our writers know how to write on any topic and subject area while meeting all of your specific requirements.
Unlike most other services, we will do a free revision if you need us to make corrections even after delivery.