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Answer to Question #325211 in Economics of Enterprise for jjjj

Question #325211

suppose demand for a product that is elastic at a given price . what will happen to the company total revenue if it raises the prices of that product


1
Expert's answer
2022-04-07T13:07:04-0400

The revenue is P×Q. If the price elasticity is greater than 1 (if demand is price elastic), it is not reasonable to increase prices because the quantity decreases to a greater extent and revenue falls.


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