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Explain a market for meals in a school cafeteria

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Reference no: EM13207049

Consider a market for meals in a school cafeteria. Suppose that in this market only one seller (the school foodservice unit) can sell meals to an unlimited number of students.

The demand is represented by a line: P=12-Q

A. Draw the demand curve in a graph.

B. What is the price elasticity of demand at p=4? at that price, would the school's revenue go up if they increased the price a little bit? Why or why not?

Reference no: EM13207049

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