You are the head of a firm that faces an elastic demand, Business Economics

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You are the head of a firm that faces an elastic demand

You are the head of a firm that faces an elastic demand. Illustrate the results on Total Revenue if you decrease your price.

a. Be sure to draw an elastic demand curve, paying special attention to the slope

b. Illustrate the original total revenue

c. Illustrate the total revenue after the price decrease.

d. Should you reduce your price? Why or why not?

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Business Economics: You are the head of a firm that faces an elastic demand

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Business Economics: You are the head of a firm that faces an elastic demand

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