Where on the Demand Curve? The demand curve for your firm’s product is linear. Based on recent sales data, you have determined that at the current price, the price elasticity of demand is 0.80. a. Is...

Where on the Demand Curve? The demand curve for your firm’s product is linear. Based on recent sales data, you have determined that at the current price, the price elasticity of demand is 0.80.

a. Is the current price on the upper or lower portion of the demand curve?

b. If you want to increase your total revenue, should you increase or decrease your price?

c. Will you move upward or downward along the demand curve?