If demand for a good is extremely elastic, raising the price of that good typically has what effect on total revenue?.

Question

04-08-2022
Business

Answered

Welcome to Westonci.ca, the place where your questions are answered by a community of knowledgeable contributors. Experience the ease of finding quick and accurate answers to your questions from professionals on our platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

If demand for a good is extremely elastic, raising the price of that good typically has what effect on total revenue?.

Sagot :

Visit us again for up-to-date and reliable answers. We're always ready to assist you with your informational needs. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.

what term refers to the post-Civil War agriculture system where a property owner supplied acreage, tools, and seed to a landless farmer, who then gave the owner

Which statement about Prohibition in the United States is true? A. Veterans of World War I made sure the 18th Amendment was defeated. B. The government successf

USE the RULE (x,y) -----> (x - 2, y - 4) to graph the image of this rectangle. Then describe the transformation. Rectangle A(1,1) B(4,1) C(4,-2) D(1,-2)

Many countries passed laws protecting free speech in the 18th century. How do these actions reflect Enlightenment thought? A. The laws were influenced by the id

? Which type of speech is most likely to employ idealism? a speech to a military battalion on its way into battle an address to a foreign country announcing you

USE the RULE (x,y) -----> (x - 2, y - 4) to graph the image of this rectangle. Then describe the transformation. Rectangle A(1,1) B(4,1) C(4,-2) D(1,-2)

Choose the French writer from the Enlightenment period who wrote The Social Contract in which he identified that government should work for the people, and the

The radius of a circle measures 13 ft. What is the circumference of the circle? Use 3.14 for π, and do not round your answer. Be sure to include the correct uni

Choose the French writer from the Enlightenment period who wrote The Social Contract in which he identified that government should work for the people, and the

Which term refers to the practice of European powers annexing territory and establishing colonies in Africa and Asia? A. geocentrism B. anarchism C. imperialism

AnkitaNagar AnkitaNagar · Answer 1 · 2022-08-09T03:24:15-04:00

If demand for a good is extremely elastic, raising the price of that good typically has what effect on total revenue--- decreases

If demand is elastic at a given price level, then should a company cut its price, the percentage drop in price will result in an even larger percentage increase in the quantity sold—thus raising total revenue. However, if demand is inelastic at the original quantity level, then should the company raise its prices, the percentage increase in price will result in a smaller percentage decrease in the quantity sold—and total revenue will rise.

Demand elasticity :

Demand elasticity is the change in quantity demanded per change in a demand determinant. Although there are several demand determinants, such as consumer preferences, the main determinant with which demand elasticity is measured is the change in price. Businesses are particularly interested in price elasticity, since it measures by how much total revenue changes with the price.

Learn more about demand elasticity :

brainly.com/question/22172669

#SPJ4

Sagot :

Other Questions