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HiFresh supplies cooked meals to consumers in London and faces a market demand curve represented by P = 2500 - 10Q. If the company is
HiFresh supplies cooked meals to consumers in London and faces a market demand curve represented by P = 2500 - 10Q. If the company is currently operating on the elastic part of the market demand curve, what would you advise the company to do if it aims to increase its total revenue?
Option A) It should lower the price.
Option B) It should not change the price since revenue is already at a maximum
Option C) It should raise the price.
Choose the best option and explain why it should choose this option.
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