Data for the market for graham crackers is shown below

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Data for the market for graham crackers is shown below. Calculate the elasticity of demand between the following prices.

Price of crackers Quantity Demanded (per month)

$3 80

$2.5 120

$2 160

$1.5 200

$1 240

$1.00 - $1.50: ___________________________________

$1.50 - $2.00: ___________________________________

$2.00 - $2.50: ___________________________________

$2.50 - $3.00: ___________________________________

If the price of graham crackers is $2.50 should firms raise or lower their prices if they want to increase revenue? Explain this in terms of elasticity.

Reference no: EM13378588

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