What effect does price elastic demand have on a producer should the price of a product increase?

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11-06-2022
Social Studies

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What effect does price elastic demand have on a producer should the price of a product increase?

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Jhajj44 Jhajj44 · Answer 1 · 2022-06-12T06:53:06+02:00

Jhajj44 Jhajj44

12-06-2022

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.

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