MICROECONOMICS Solve the second question 1- If the PED is less than one ( inelastic) ,any increasing in the price willlead to increase total revenue ,doesthat producerincrease the price without a limit ??this meancan2- What is the best price that producermust determine so as to achievemaximum revenue

The best price would be slightly higher than equilibrium price.

Answered: MICROECONOMICS Solve the second…

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Economics

MICROECONOMICS Solve the second question

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...

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Question

MICROECONOMICS Solve the second question

1- If the PED is less than one ( inelastic
) ,any increasing in the price will
lead to increase total revenue ,does
that producer
increase the price without a limit ??
this mean
can
2- What is the best price that producer
must determine so as to achieve
maximum revenue

Study of decisions made by households and business firms at an individual level. It includes several laws and theorems related to demand, supply, production, allocation of resources, and prices.

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