The Teenager Company makes and sells skateboards at an average price of $70 each. During the past year, they sold 4,000 of these skateboards. The company believes that the price elasticity for this product is about -2.5. Which of the following would be the best option for the company? (Question is based on Chapter 4 question 6.)
Raise the price and plan to increase the quantity supplied.
Lower the price and plan to increase the quantity supplied.
Raise the price and plan to decrease the quantity supplied.
Lower the price and plan to decrease the quantity supplied.
11) Refer to the situation described in question 10. What was total revenue for the past year, in dollars? (Enter as a whole number without the dollar sign.)
12) Refer to the situation described in question 10. Given the price elasticity of -2.5, and the proposed price of $63, what should be the quantity supplied? (Round to the nearest whole number)
13) Refer to the situation described in question 10. What would total annual revenue be at the proposed price of $63? (Enter as a whole number without the dollar sign.)
14) If the company’s belief is correct, would total revenue increase, decrease, or remain the same as a result of the $63 price cut?
Increase
Decrease
Remain the same
15) Questions 15 through 17 refer to the following scenario. A local supermarket lowers the price of its vanilla ice cream from $3.50 per half gallon to $3. Vanilla ice cream unit sales increase by 20 percent. The store manager notices that the unit sales of chocolate syrup increase by 10 percent.
What is the price elasticity of vanilla ice cream? Round to the nearest tenth and drop the minus sign when submitting your answer.
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