OpenStudy (ellecullen):
Homework question: Elasticity of demand determines whether price increases result in more or less total spending by buyers. Would the dealer find it profitable (consider costs) to elude law enforcement if demand was elastic? I need help in answering this part of the question: Would the dealer find it profitable (consider costs) to elude law enforcement if demand was elastic? All I have on this question is in comments.
OpenStudy (ellecullen):
Hi, I am nearly done with the answer, but I'm stumped on one part. Here is what I have so far. If the demand appears to be inelastic, an increase in price will decrease the quantity demanded. Here, the total revenue and profits will increase. On the other hand, if demand is elastic, then it would vary the profits. The dealer would find it
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