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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
Expert's answer
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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