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As a business consultant to a grocery store, your job is to determine what pricing policy would be appropriate for increasing the total revenue. The first step you would take would be to Group of answer choices reduce staff in order to reduce operating costs. increase the price of all products. determine the price elasticity of supply for all products sold at the store. determine the price elasticity of demand for all products sold at the store.

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As a business consultant for this store to determine the appropriate pricing i would determine the price elasticity of demand for all products sold at the store.

The price elasticity of demand can be described as the measurement of the economic impacts of changes in price on the quantity that would be demanded by the consumers.

It would be necessary to observe how the price of the goods would affect the demand. If the prices are too high and the demand falls, the revenue would drop.

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