question archive Pick two products: one that is relatively price inelastic and another that is relatively price elastic
Pick two products: one that is relatively price inelastic and another that is relatively price elastic
Subject:EconomicsPrice:2.88 Bought3
Pick two products: one that is relatively price inelastic and another that is relatively price elastic. You should begin by defining your product, in terms of the determinants, and then describe how increases in the price would affect total revenue. Would it make good business sense to be the one producing and selling these products? Why or why not?
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