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Grizabella Offline
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Elasticity of demand - June 6th 2009, 11:29 PM

If you have a demand equation, and demand is inelastic at a certain point, should price be raised or lowered in order to increase the amount of money made? I think that when demand is elastic, a lowering of price increases revenue, and if demand is inelastic, a raising of price will increase revenue - is this correct?


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Re: Elasticity of demand - June 7th 2009, 03:22 AM

Yeah that sounds right to me. Inelastic means the revenue changes with the price...so increase price means increase revenue.


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Re: Elasticity of demand - June 8th 2009, 09:18 PM

Thanks. I can find derivatives fine and plug in the numbers, but for some reason when I'm asked a practical application question, my mind just goes blank.


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"Live a good life.
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then they will not care how devout you have been,
but will welcome you based on the virtues you have lived by.
If there are gods, but unjust, then you should not want to worship them.
If there are no gods, then you will be gone, but will have lived a noble life
that will live on in the memories of your loved ones."
Marcus Aurelius
   
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