Suppose that friend A suggests the price increase to increase the total revenue and on the other hand, friend B suggests decreasing the price in order to increase the total revenue. Determine if the suggestions given by friend A and friend are correct or not. Y O Price P₁ D Q Q₁ Quantity Demanded a. Both friend A and friend B are correct. b. Both friend A and friend B are incorrect. c. Friend A is correct, and Friend B is incorrect. d. Friend A is incorrect, and Friend B is correct.

Suppose that friend A suggests the price increase to increase the total revenue and on the other hand, friend B suggests decreasing the price in order to increase the total revenue. Determine if the suggestions given by friend A and friend are correct or not. Y O Price P₁ D Q Q₁ Quantity Demanded a. Both friend A and friend B are correct. b. Both friend A and friend B are incorrect. c. Friend A is correct, and Friend B is incorrect. d. Friend A is incorrect, and Friend B is correct.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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