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
1
Expert's answer
2017-04-29T08:40:07-0400
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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