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Econ Baby

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Submitted By wajeeha2000
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Econ Assignment 2
Saturday,
October 24, 2 015

6:08 A M

Discuss whether a firm's revenue is decreasing or increasing in response to the price change?
In
simple words revenue is the money brought by a business via its activity. This in other words may be known as the sales of a business, it is calculate by the formula "TR= P x Q" The revenue of a business is always put ahead of all other things, it is the first thing mentioned on its income statement and the first thing inquired about by investors etc. This is because the revenue of a business is via what we can know about the health of a business; it determines of successful a business is. In a private sector this is simply measured by the quantity of things sold, while in the public sector it is our taxes, fees, fines etc. It goes without saying that with the chance in price the quantity of a specific product changes, this may be called 'elasticity'. Not always does this happen as sometimes prices of human needs may increase but as they are needs and might not have any other alternative their demand does not change. These things are measure with the 'PED'-­‐ Price Elasticity of Demand. This measures the responsiveness to change in quantity demanded with the given change in price.
Its
formula is …………………
It
is important for firms to gather information about the PED of its products because this gives them information on how consumers resond to changes in price and this way they can help reduce risk and uncertainty. We can also say the PED helps a firm forecast its sales and set it's prices.

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