1. What are the tools that aid sellers in their pricing decisions that can increase their total revenue?
2. Price elasticity may be _______________, _________________, or ______________.
3. When you increase price and Qd is inelastic, TR becomes ______________________. But when you increase price and Qd is elastic, TR becomes ____________________.Increasing price while Qd is unitary elastic makes TR _________________________.When you decrease price and Qd is elastic, TR becomes _______________________.A decrease in price while Qd is inelastic makes TR ____________________________.
4. When you decrease price and Qd is unitary elastic, TR becomes _________________.
5. Income elasticity of demand can determine if a good is ___________, __________ or _____________. This information helps sellers to know how consumers perceive what kind of goods they sell.
6. Cross elasticity of demand indicates the relationship between two goods. It is important for a seller to know if his/her product is a ____________ or a __________ especially if the other good is doing well in the market.
7. Price elasticity of supply can be determined if quantity supplied can adjust to ________________.