Posted: June 7th, 2016

Select your firm or a firm not previously discussed. What good or service does the firm sell?

All firms can increase the volume of goods or services sold by cutting prices. But the volume (quantity) of goods or services a firm sells differs from a firm s revenues (price times quantity). Select your firm or a firm not previously discussed. What good or service does the firm sell? Is the price elasticity of demand elastic or inelastic for that good or service? How should the firm alter the price of the good or service to increase revenues?