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How the management of big g can maximize total revenues

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A recent report to the management of Big G cereal corporation estimated that the ownprice elasticity of demand for organic pure-cane-sugar frosted flakes was -0.85. Based on this report, the management increased the price of frosted flakes by 4 percent. After implementing the price increase, the volume of cereal sold declined by 4.5 percent. The management of Big G has hired you as a consultant to explain why revenues from the sale of frosted flakes declined after the price increase. No other significant factors changed in the period of analysis or after the price increase. Using the data, analyze and discuss what occurred and provide a recommendation on how the management of Big G can maximize total revenues from the sale of organic pure-cane-sugar frosted flakes.

Reference no: EM132794930

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