elasticity

Project Description:

3. for each of the following cases, what is the
expected impact on the total revenue of the firm?
explain your reasoning.
a. price elasticity of demand is known to be –0.5,
and the firm raises price by 10 percent.
b. price elasticity of demand is known to be –2.5,
and the firm lowers price by 5 percent.
c. price elasticity of demand is known to be –1.0,
and the firm raises price by 1 percent.
d. price elasticity of demand is known to be 0, and
the firm raises price by 50 percent.
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