When Demand Is Elastic,if We Were to Raise Price,total Revenue

question 106

Short Answer

When demand is elastic,if we were to raise price,total revenue would _______;when demand is inelastic,if we were to raise price,total revenue would ______.

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Definitions:

TPS

An organizational Transaction Processing System operates as an information system that engages in the collection, storage, alteration, and retrieval of transaction activities.

Inventory Management

The practice of ordering, storing, using, and selling a company's inventory, which includes both raw materials and finished goods.

Quickbooks

An accounting software package developed by Intuit, designed for small and medium-sized businesses, offering on-premises accounting applications as well as cloud-based versions.

Interorganizational

Pertaining to the relationships or interactions between different organizations.