ECON6000 Module 3 - Assessment 2: Short written assessment

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Problem B: Records of the demand schedule for the Schmeckt Gut Energy Bar in Industria in 2010 reveals the following table:
Price ($ per Energy Bar)                                          Quantity demanded (thousands per day)
1.00                                                                                                 30
1.50                                                                                                 25
2.00                                                                                                20
2.50                                                                                                 15
3.00                                                                                                10

The Board of Schmeckt Gut would like to receive information to the following questions:
1. What is the price that will maximise Schmeckt Gut’s total revenues and what is the price elasticity of demand at that price?

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