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Thinking about changing the price for their jukeboxes

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Assignment:

The manager of Jasper's Jukeboxes is thinking about changing the price for their jukeboxes. Explain what will happen to the company's revenues in each of the following scenarios:

a. The price elasticity of demand for jukeboxes is -0.5 and the manager decides to increase the price of jukeboxes.

b. The price elasticity of demand for jukeboxes is -5.2 and the manager decides to decrease the price of jukeboxes.

c. The price elasticity of demand for jukeboxes is -0.1 and the manager decides to decrease the price of jukeboxes.

d. The price elasticity of demand for jukeboxes is -1.2 and the manager decides to increase the price of jukeboxes.

e. What does it mean if the price elasticity of demand is unitary elastic?

Reference no: EM133270021

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