(Step-by-Step) Moe’s is considering a price reduction on their chicken burrito, which currently sells for the price of $5.00. Billy, the proprietor of Baja
Question: Moe’s is considering a price reduction on their chicken burrito, which currently sells for the price of $5.00. Billy, the proprietor of Baja Burrito, knows the price elasticity for the chicken burrito is roughly equal to -2.3 over the range being considered for the price change. The chicken burrito is selling at the brisk pace of 500 burritos per week. To increase market share (and hurt Chipotle and Moe’s), Billy would like to increase sales to 750 per week. What price should Billy set?
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