question archive A firm sells a product for $25 and the product has an own-price elasticity of -4
A firm sells a product for $25 and the product has an own-price elasticity of -4
Subject:EconomicsPrice:2.88 Bought3
A firm sells a product for $25 and the product has an own-price elasticity of -4. Currently, they sell 1,000 units. If they lower the price by a dollar, how many more units should they expect to sell?
