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A firm is currently producing in the inelastic portion of its demand curve. What course of action ...

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A firm is currently producing in the inelastic portion of its demand curve. What course of action ...

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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Essential Economics for Business

Edition: 5^th

Authors: Sloman, Jones

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