Suppose that the elasticity of demand at a given price level

Last updated: 10/25/2023

Suppose that the elasticity of demand at a given price level is E p 0 8 What does that mean Select both the correct answer to elastic unit or inelastic as well as what the company should do to increase revenue Since 0 E p 1 demand is inelastic The company should lower prices to raise revenue The company should raise prices to raise revenue Since 0 E p 1 demand is elastic Since 0 E p 1 demand is unit The company should leave prices alone as the revenue is currently maximized