how can a firm increase its profit if the elasticity of demand for its product is less than one?
- JuanBLv 71 month agoFavourite answer
When Inelastic demand they just start gouging you. They don't care, just jack up the price. What you going to do?
Answer: increase price. Elasticity of demand less than one is green light to increase price and it's all profit
Still have questions? Get answers by asking now.