Should you raise price by fifteen percent in order to offset, Microeconomics

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Should you raise price by fifteen percent in order to offset

Problem

Suppose you are the owner of a specialized health food store. On January 1, the rent you pay for the building in which your store operates is going to increase by 15%. Your prices are currently competitive with other similar stores. Should you raise your prices by 15% in order to offset the increase in your rent? Explain fully.

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Microeconomics: Should you raise price by fifteen percent in order to offset

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Microeconomics: Should you raise price by fifteen percent in order to offset

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