you produce jewelry boxes. if the demand for jewelry boxes is elastic and you want to...
you produce jewelry boxes. if the demand for jewelry
boxes is elastic and you want to increase your total revenue you
should
Increase the price of your jewelry boxes
decrease the price of your jewelry boxes
not change the price of your jewelry boxes
none of the above answers are correct
Homework Answers
Answer - Decrease the price of your jewelry boxes.
Reason - demand is said to be elastic when the change in quantity demanded is more then the Change in price. Which means the percentage change in quantity demanded changes more than the percentage change in price change in price.
In this case when the price of jewelry boxes will be reduced, the demand will increase to a greater extent than the percentage change in price.
So to increase the revenue, price of jewelry boxes should be decreased.
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