Question 1
A restaurant owner knows that the demand for hamburgers is elastic. If she wants to increase total revenue from hamburger sales, she should
◦ decrease the price of hamburgers.
◦ decrease the supply of hamburgers.
◦ keep the price of hamburgers constant.
◦ increase the price of hamburgers.
Question 2
A firm is currently producing in the inelastic portion of its demand curve. What course of action should you recommend to this firm?
◦ Continue selling at the same price, but increase the number of units it produces.
◦ Reduce price, because if demand is inelastic and price is reduced, total revenue will increase.
◦ Continue producing at the current output level, because the firm will maximise its total revenue by producing in the inelastic portion of its demand curve.
◦ Increase price, because if demand is inelastic and price is increased, total revenue will increase.
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