How the producer may raise his total revenue, Business Economics

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(a) Using the basic concept of price elasticity of demand for his product, describe how the producer may raise his total revenue.

(b) With reference to an initial set of market conditions, define and illustrate, giving examples, how market-based strategies could be used by a seller to enhance the quantity traded for his product.

(c) Would you admit that the consumer is necessarily ‘king' in the market place? Why?


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