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Fiesta28 [93]
3 years ago
15

Suppose you are in charge of setting prices at a local ice cream shop. The business needs to increase its total revenue, and you

r job is on the line. You evaluate the data and determine that the price elasticity of demand for ice cream at your shop is 1.8. You should?
Business
1 answer:
In-s [12.5K]3 years ago
4 0

Answer:

The price of ice-cream should be reduced.

Explanation:

As the price elasticity of demand is 1.8,which is given as

Price/Demand=1.8

As the values is greater than 1 this indicates that the price of the ice-cream is more than the demand of the ice-cream.

This indicates that the price is more so the price of ice-cream should be reduced.

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