Hello all, If you increase the price of the good that you are selling, your total revenue increases, but your total profit decreases. Supposing that your demand has not changed, what do these two facts imply for price elasticity of demand and your cost structure? I understand that the product is clearly price inelastic - as demand is not changed when the price is increased. But what I'm struggling with is how the costs must have increased but the question does not mention any change in supply or other factors that could influence the production cost? Thanks I did not find the right solution from the internet References : https://able2know.org/topic/339802-1 product marketing examples
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