Echo’s revenue jumped 23 percent year over year in the third quarter to $691.5 million after declining 7 percent in the second quarter, as retail and industrial freight demand increased. “We’ve had strong truckload market conditions ever since the trough in April,” Waggoner said. Q3 truckload volume was up 13.6 percent from a year ago, and truckload revenue 32.3 percent.
Can you infer the truckload average price change from the data above?
Given these numbers, how much should the truckload volume increase for the prices to go back to where they were a year ago if the price elasticity of demand is -2?
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