Question

When his software company started to lose money, the ceo's solution was to raise prices in the hopes of boosting revenues and profits. However, revenues fell and his strategy bankrupted the company. What microeconomic concept did he fail to apply?

Answer 1

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Question

When his software company started to lose money, the ceo's solution was to raise prices in the hopes of boosting revenues and profits. However, revenues fell and his strategy bankrupted the company. What microeconomic concept did he fail to apply?

Answer

Price elasticity and total revenue .... How can my firm minimise its costs and increase its profits.

explanation

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