If you are a marketing manager and in-charge of increasing the revenue of your company (firm). You found the elasticity of the product sold by the company is more than 1. What would you do to increase the revenue? Group of answer choices I will not change the price. I will increase the price. I will decrease the price.
Question 9
If you are a marketing manager and in-charge of increasing the revenue of your company (firm). You found the elasticity of the product sold by the company is more than 1. What would you do to increase the revenue?
Group of answer choices
I will not change the
I will increase the price.
I will decrease the price.
Question 10
When I calculated the cross elasticity of Good A and Good B, I found the value of cross elasticity to be -0.8. What do I interpret about Good A and B.
Group of answer choices
Inferior
Normal
Substitute
Complementary
Question 12
If resources are perfectly substitutable, the
Group of answer choices
Upward sloping Straight line
Convex to the Origin
Downward sloping Straight Line.
Concave to the Origin
Question 11
When I calculated the Income elasticity of Good A, I found the value of Income elasticity to be +0.8. What can I interpret?
Group of answer choices
Luxury product
Normal product and it is necessary
Difficult to say anything
Inferior product
Question 13
Economists consider both explicit and implicit cost for analyzing the cost as they take opportunity cost for measuring the cost. What is included in implicit cost?
Group of answer choices
costs that do not involve a direct money outlay (e.g.
costs that involve a direct money outlay for factors of production. For example: hiring labor.
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