Question

How will this impact total revenue for your institution what suggestion would you give to the institute ?

Answer 1

The key concept in thinking about collecting the most revenue is the price elasticity of demand. ... If demand is elastic at that price level, then the band should cut the price, because the percentage drop in price will result in an even larger percentage increase in the quantity sold—thus raising total revenue.

Answer 2

Answer:

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the key concept in thinking about collecting the most revenue is the price elasticity of demand. ... If demand is elastic at that price level, then the band should cut the price, because the percentage drop in price will result in an even larger percentage increase in the quantity sold—thus raising total revenue.

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