If the price elasticity coefficient of a good is 1,8, what should a supplier do to generate more revenue?

Unisa’s

bookstore sold an average of 30 ties per day at R5 per tie but sold 50 of the

same ties per day at R3 per tie. What is the price elasticity of demand for ties

in this price range? Use the formula for arc elasticity. (Ignore the negative

sign and round off to 2 decimal places.)

This question is based on the diagram below.

For a price ceiling to be binding, it would have to be set at

What caused the equilibrium to change from E1 to E2 in the graph below?

Given the demand for a product as Qd = 45 - 4P and the supply is given as Qs = -21 + 7P. If the price is 5, then there will be a deficit of units.

Which of the statements below best represents the law of demand?