问题描述:
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Income elasticity of demand
All foods 0.10
Beef 0.26
Margarine -0.22
Fresh potatoes -0.43
Fruit juices 0.95
Bread -0.18
Price elasticity of demand
Beef -1.24
Bread -0.25
Fresh potatoes -0.14
Fruit juices -0.65
Margarine -0.37
You are the owner of a grocery store.How would you increase the total revenue of the following products based on information of the price elasticities given in the table above?
a.beef
b.fresh potatoes
Income elasticity of demand
All foods 0.10
Beef 0.26
Margarine -0.22
Fresh potatoes -0.43
Fruit juices 0.95
Bread -0.18
Price elasticity of demand
Beef -1.24
Bread -0.25
Fresh potatoes -0.14
Fruit juices -0.65
Margarine -0.37
You are the owner of a grocery store.How would you increase the total revenue of the following products based on information of the price elasticities given in the table above?
a.beef
b.fresh potatoes
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