Elasticity
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Title: Elasticity

Essay Details:

Subject: Miscellaneous
Author:
Date: April 1, 2015
Level: University
Grade: A
Length: 4 / 1057

Essay text:

If Elasticity is less than one (1), demand for the product is relatively inelastic. Since quantity demanded reacts at a minimum to a change in price, a price increase would actually work in increasing total revenue. A revised computation of the previous example can illustrate this effect. Price (Px) Quantity Demanded (Qx) Total Revenue (Px X Qx) P6/slice 10 slices P60 P10/slice 8 slices P80 Price Elasticity = (10-8)/(10+8) = .44 (10-6)/(10+6) The increase in price, which is 67% overweighed the decrease in quantity demanded of 20% resulting to a 33% increase in total revenue. c. For an Elasticity of greater than one (1) or when the change in price corresponds to greater change in quantity demanded, a price reduction would be most appropriate to increase total revenue...

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