Richardson's Stores, Inc. cut prices on Men's Runnng shoes by 2 percent during the first quarter and enjoyed a 4-percent increase in unit sales over the period as compared to a year earlier
a.Calculate the point price elasticity of demand for Richardson's Stores, Inc
b. Calculate the company's optimal shoe price if marginal cost is $10 per unit© BrainMass Inc. brainmass.com June 3, 2020, 10:33 pm ad1c9bdddf
Point Elasticity = (% change in Quantity) / (% change ...
The solution describes the steps for calculating point elasticity of demand and optimal price.