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> traditional economics predicts that raising a price results in fewer units—and fewer units, even at a higher price, means less revenue This is false and a ve
by munchler 2y ago
> traditional economics predicts that raising a price results in fewer units—and fewer units, even at a higher price, means less revenue
This is false and a very basic mistake. Sometimes higher prices lead to more revenue, even with fewer units sold.
- mike_hock 2y agoIn this case it certainly does, since the price is less than 1% higher for items priced above $1, .1% above $10, etc.