You own a small business and want to increase the total revenue you collect from sales...
You own a small business and want to increase the total revenue you collect from sales of your product. If the demand for your product is inelastic, you should _____________ (increase/decrease/not change) your product's price in order to increase total revenue.
Homework Answers
If the demand is inelastic then a rise in price would reduce quantity demanded less proportionately.Thus,the producer can increase price to increase total revenue.
Answer-increase
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You own a small business and want to increase the total
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please finish all questions
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you produce jewelry boxes. if the demand for jewelry boxes is elastic and you want to increase your total revenue you should Increase the price of your jewelry boxes decrease the price of your jewelry boxes not change the price of your jewelry boxes none of the above answers are correct
Demand can either be elastic, inelastic or unit elastic Total revenue can increase, decrease, or stay...
Demand can either be elastic, inelastic or unit elastic
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Please provide the work done :)
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Please provide the work done :)
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