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skad [1K]
3 years ago
14

Suppose the price elasticity of demand for a product is 0.5. If a supplier wants to increase revenue, what change should it make

to price, if any?
Business
1 answer:
cupoosta [38]3 years ago
7 0

Answer:

The correct answer is: Increase the price in order to increase revenue.

Explanation:

To begin with, the price elasticity of demand for a product is the concept known in the economics that refers to the variation that happens in the quantity demanded of a product when the price of it changes a bit. Moreover, when the price elasticity of demand is 0.5 the product is relatively inelastic and therefore that if the price increases the quantity demanded will basically stay the same more less and that is why if the price increases the product will no suffer changes in its quantity demanded and that will cause the supplier to earn a higher total revenue.

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Cash dividends are the one paid in cash.

Stock dividends are the ones which are paid by issue extra shares from retained earnings.

Thus, both are deductible from retained earnings.

Therefore, closing balance of retained earnings = $2,300 - $200 - $200 = $1,900.

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