However elasticity value for years 2008-2009 and 2009-2010, Ask an Expert

Economics

If you were a manager of Toyota Company would you increase the price of the cars to increase the total revenue? Base your answer on the predicted elasticity value. describe your answer using graphs if necessary.

According to the law of demand price elasticity of demand should be always negative. However elasticity value for years 2008-2009 and 2009-2010 are postive. Does it mean that demand curve becomes upward sloping during these years? If needed use graphs for the explanation of your answer.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M955350

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