In 2020, COVID-19 forced many retailers to close temporarily. This had many consequences, with some firms subsequently

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In 2020, COVID-19 forced many retailers to close temporarily. This had many consequences, with some firms subsequently shutting down, closing stores, reassessing expansion plans and changing strategies, including increasing advertising. The hope was to boost sales in areas where demand remained high and thereby increase profits. If a firm were successful in boosting demand using these strategies, what might happen to its total costs, total revenue, average costs and average revenue? Give reasons for your answer.

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Related Book For  answer-question

Essential Economics For Business

ISBN: 9781292728940

7th Edition

Authors: John Sloman, Elizabeth Jones

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