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Elasticity - 6 |
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Consider the table to your left.
The owner of the firm producing this good can see that increasing price will have beneficial effects on total revenue, and on total profits. The increase in price has seen demand fall (this is the law of demand in action), but despite this, total revenue received will increase. When price rises from $7 to $8, however, total outlays (total revenue) fall from $2,800 to $2,400. Total outlays have fallen when price has risen. This movement in opposite directions indicates that the demand for this good is elastic (in this price range). Economists say the good has price elasticity of more than 1. The owner of this firm can see that increasing price is a bad idea: total revenue received will fall. It is likely profit will fall if prices are increased from $7 to $8. |