Suppose your supervisor says that your retail outlet should have a sale to increase the number...
Suppose your supervisor says that your retail outlet should have a sale to increase the number of customers who will buy. She says that her mother could always count on increased traffic when she cut prices. If a 10% price cut does not bring in enough customers, then cut prices by 20%. Do you agree with this? Why or why not?
Homework Answers
I do not agree.
A price cut will always increase the number of customers, since price and quantity demanded are inversely related. But a price cut will be offered only if it increases revenue. If demand is inelastic, then a price cut by X% will increase quantity demanded by less than X%, so revenue will decrease. But if demand is elastic, then a price cut by X% will increase quantity demanded by more than X%, so revenue will increase. Therefore, cutting prices by any amount if justified as long as demand is inelastic.
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