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Economics 12th Edition by William Baumol, Alan S Blinder
Edition 12ISBN: 978-0538453691Economics 12th Edition by William Baumol, Alan S Blinder
Edition 12ISBN: 978-0538453691 Exercise 3
Explain why the following statement is true: "A firm with a demand curve that is inelastic at its current output level can always increase its profits by raising its price and selling less." ( Hint: Refer back to the discussion of elasticity and total expenditure/total revenue on pages 115-117.)
Explanation
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A profit can be maximized by increasing ...
Economics 12th Edition by William Baumol, Alan S Blinder
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