Question #67855
suppose that raza mining is only the producer of diamonds in the world that price elasticity of demand for diamonds is -0.8
Expert's answer
If Raza Mining is the only producer of diamonds in the world and the price elasticity of demand for diamonds is -0.8, then the demand is inelastic, and if Raza Mining wants to increase total revenue, it should increase price for diamonds.
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#340153 on Dec 2023
#340153 on Dec 2023