Assume the price elasticity of demand for great fit shoe co. shoes is 2.5. if the company decreases the price of each pair of shoes, total revenue will

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16-10-2017
Business

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Assume the price elasticity of demand for great fit shoe co. shoes is 2.5. if the company decreases the price of each pair of shoes, total revenue will

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ahmedishaal ahmedishaal · Answer 1 · 2017-10-28T23:36:22+02:00

ahmedishaal ahmedishaal

28-10-2017

the price elasticity of demand for great fit shoe co. shoes is 2.5
company decreases the price of each pair of shoes
total revenue will=?
The answer is that the total revenue will increase and the reason is this that the percentage increase in the number sold is greater than the percentage decrease in the price.

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