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Hello, reviewing the term of elasticity in microeconomics and have some questions/ need tutoring advice; What are the 5 items that are most price inelastic
Hello, reviewing the term of elasticity in microeconomics and have some questions/ need tutoring advice;
- What are the 5 items that are most price inelastic for you? Why? Which 3 are most elastic? (list in order please)
- Suppose the you work for a small boutique and want to help improve the 'bottom line' (i.e., profits). How would you try to make the products moreprice inelastic? Would Total Revenue increase or decrease if you raised product prices?
thanks!
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