phl3moGh:
helo people, im sorry to bother anyone(which i hope im forgiven) but i need help from fellow students seriously!
I have an economics question i'd like someone to help me with. im in level 100, Accra Technical University, Ghana!
thank you!

EmperorLee:
Very simple thing.






I dey CUM.

EmperorLee:
Very simple thing.







I dey CUM.

Girl360:
This is for the first question.

You can always Google the second one
Cc: Phl3moGh

Asgafconcepts:


You are good!!

But can you please help with interpretation ?

Girl360:

Okay so in order to maximize revenue, one would have to look at the elasticity of demand for the product involved.


In this case demand is price elastic, that is the co-efficient of elasticity, which is 2.5 is >1

**we ignore the negative sign

Hence an increase in price of the commodity will lead to a reduction in the quantity demanded, which will lead to a reduction in total revenue.

However a decrease in price will lead to the opposite of the above since demand is elastic, all other things being equal.

From this we can conclude that the manager needs to reduce price in order to maximize total revenue

You just have to draw a demand curve and a corresponding TR curve illustrating the above

Asgafconcepts:


You are good!!

But can you please help with interpretation ?

Girl360:

Okay so in order to maximize revenue, one would have to look at the elasticity of demand for the product involved.


In this case demand is price elastic, that is the co-efficient of elasticity, which is 2.5 is >1

**we ignore the negative sign

Hence an increase in price of the commodity will lead to a reduction in the quantity demanded, which will lead to a reduction in total revenue.


I appreciate your time and effort!
Thank u
However a decrease in price will lead to the opposite of the above since demand is elastic, all other things being equal.

From this we can conclude that the manager needs to reduce price in order to maximize total revenue

You just have to draw a demand curve and a corresponding TR curve illustrating the above

EmperorLee:
Very simple thing.







I dey CUM.

phl3moGh:



Thank you soooo much, ma/sir... You are a genius..

Girl360:
Lool I'm not a Sir, neither am I a Ma.

I'm also in level 100, okay?

Anyways you're welcome

Girl360:

Oh Emperor will help you then

phl3moGh:

Bros, u never came ooo

Asgafconcepts:

Loz...answer it na

Girl360:

Okay so in order to maximize revenue, one would have to look at the elasticity of demand for the product involved.


In this case demand is price elastic, that is the co-efficient of elasticity, which is 2.5 is >1

**we ignore the negative sign

Hence an increase in price of the commodity will lead to a reduction in the quantity demanded, which will lead to a reduction in total revenue.

However a decrease in price will lead to the opposite of the above since demand is elastic, all other things being equal.

From this we can conclude that the manager needs to reduce price in order to maximize total revenue

You just have to draw a demand curve and a corresponding TR curve illustrating the above

EmperorLee:







Sorry, I was sleep-typing last night, I no know anything