If the own-price elasticity of demand for your firm’s good is -1.5, and if your price is currently set at the level that makes your customers' quantity demanded equal to the quantity you are producing, then you can increase your total revenue flow by

The answer is: Since the price elasticity of demand is lower than -1, then you should lower the price of your goods.

Explanation:

Price elasticity of demand is almost always negative, since a decrease in the price of a product should increase the quantity demanded for that product. In this case the price elasticity of demand is -1.5, that means that if you lower your price by 1%, you should be able to sell 1.5% more products. So when you lower your price, your total revenue should increase due to higher sales.

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explanation:

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