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Answer to Question #113443 in Economics for Adjodah Vignesh
Question #113443
Discuss whether or not producers would want the demand and supply of their products to be more price elastic.(8)
Expert's answer
Producers would want the demand to be more price inelastic to have possibility to increase total revenue after price increase and supply of their products to be more price elastic to have possibility to adjust quickly their output depending on changes in price and demand.
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