Estimate both when trying to determine a country economic

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Q. a product has an arc elasticity of -0.8. at a price of $7.00, 1000 units are sold per period. In order to sell 1200 units, what will the new price be? what is the revenue at the old price ($7.00)and the new price? show work.

Q. In a well-developed five-to-eight sentence paragraph, discuss the difference between GDP and GNP. Your essay should include a definition of both, specific examples of what could affect each, and a discussion of why it is more accurate to examine both when trying to determine a country's economic success.

Reference no: EM1353969

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