Will total revenue in the industry increase of decrease

Reference no: EM13214021

Consider the demand for mobile phones. Suppose the price elasticity of demand for the market as a whole is .80.

A. If all mobile-phone companies simultaneously increased their prices, will total revenue in the industry increase of decrease?

B. If a single mobile-phone company increased its price, would you expect the companys total revenue to increase or decrease?Explain

Reference no: EM13214021

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