question archive 10) A firm adopts a technology that allows you to increase your output by 15%

10) A firm adopts a technology that allows you to increase your output by 15%

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10) A firm adopts a technology that allows you to increase your output by 15%. If the elasticity of demand in the US is -3, how should you adjust your price if you want to sell all of your output?" 5% lower. [correct; 960Q= e(964P]. Therefore, an 15% increase in Q = -3(96AP), hence "AP = -598] b. 0.5% lower. [Remember, 64Q= e(964P)] C 15% higher. [Remember, 9%4Q= e(9647)] d. 15% lower. [Remember, 9:4Q= e(%AF)]

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