Determining the knowledge of price elasticity of demand, Operation Management

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Determining the knowledge of price elasticity of demand

Assignment:

You were recently appointed as a manager of a small firm selling product X. Your first goal is to increase the firm's revenue. Whiles contemplating on this, a friend suggested that increase the price of product X. With the knowledge of price elasticity of demand, do you agree with this suggestion? If Yes, why? If No, why not?

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Operation Management: Determining the knowledge of price elasticity of demand

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