Suppose at the current price, the price elasticity of demand for a campus film series is 1.5. If administrators cut the price, total revenue will

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14-03-2022
Business

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Suppose at the current price, the price elasticity of demand for a campus film series is 1.5. If administrators cut the price, total revenue will

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ewomazinoade ewomazinoade · Answer 1 · 2022-03-28T12:06:06+02:00

If administrators cut the price of the campus film, total revenue will increase.

What is the price elasticity of demand?

The price elasticity of demand measures the percentage change in quantity demanded as a ratio of the percentage change in price.

If the price elasticity of demand is greater the one, it means that demand is elastic. This means that when prices are reduced, revenue would increase as the quantity demanded would increase.

To learn more about price elasticity of demand, please check: https://brainly.com/question/18850846