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If you were facing elastic demand, would a price increase be a good way to increase total revenue?

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  • Post Date 2018-11-05T11:46:37+00:00
  • Post Category Essays

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If you were facing elastic demand, would a price increase be a good way to increase total revenue?

Economics: The Company`s Goal, Case of Elastic Demand

INSTRUCTIONS:

Elasticity is related to a firm`s total revenue and changes as you move up and down the demand curve. Suppose you are a marketing manager charged with deciding whether to increase the price of goods. The company`s goal in considering that decision is to increase total revenue. If you were facing elastic demand, would a price increase be a good way to increase total revenue? If you were facing inelastic demand, would a price increase be a good way to increase total revenue? Since elasticity changes as you move up and down the demand curve, how can the marketing manager know whether demand for a product is elastic or inelastic?

CONTENT:

Economics Name Course Instructor Date Elasticity is related to a firm`s total revenue and changes as you move up and down the demand curve. Suppose you are a marketing manager charged with deciding whether to increase the price of goods. The company`s goal in considering that decision is to increase total revenue. If you were facing elastic demand, would a price increase be a good way to increase total revenue? If y

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