Without using the midpoint formula unit-elastic over price

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Reference no: EM1320552

Q. The president of the International Intellectual Property Alliance states that "[a] CD costs 15 cents to produce." If that is true then why do CDs cost upwards of 100 times that in retail marketplaces?

Q. Assume that the total revenue received by a company selling basketballs is $720 when the price is set at $30 every basketball also $720 when the price is set at $20 every basketball. Without using the midpoint formula, can you tell whether demand is elastic, inelastic, or unit-elastic over this price range?

Reference no: EM1320552

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