Suppose the U.S. Postal Service announces an increase in the price of first-class mail in order...
Suppose the U.S. Postal Service announces an increase in the price of first-class mail in order to generate additonal revenue. What can you infer regarding the price elasticity of demand for first-class mail?
Homework Answers
It can be inferred that the demand for first class mail is price inelastic.
In the case of inelastic demand, the % change in the quantity is lower than the % change in price. Therefore, a higher price leads to more revenue.
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