When the price of envelopes was $3 a box, Julie was willing to buy 10 boxes. Today, the price has gone up to $3.75 a box, and Julie is now willing to… | Cheap Nursing Papers
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When the price of envelopes was $3 a box, Julie was willing to buy 10 boxes. Today, the price has gone up to $3.75 a box, and Julie is now willing to…

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  1. When the price of envelopes was $3 a box, Julie was willing to buy 10 boxes. Today, the price has gone up to $3.75 a box, and Julie is now willing to buy only 8 boxes.
  2. Write the demand equation for Julie. Example: P= 20-3Q
  3. Is Julie’s demand for envelopes elastic or inelastic? What is Julie’s elasticity of demand, using the midpoint formula that we used in class?
  4. What is the marginal revenue (Change in revenue per one dollar of price change)?

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