Homework Answers
Ans) Price elasticity of demand is the responsiveness of quantity demanded to change in price.
If price elasticity is less than 1, good is inelastic. And firm can increase price in this case to increase the revenue as people cannot alter their demand easily.
If price elasticity is more than 1, good is elastic. Increasing price is not recommended here, as people can easily alter their demand. Here, decreasing price will be beneficial to lure more customers.
Option d.
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