If demand is inelastic, will an increase in price raise or lower total revenue? Why? If the price of soda doubles from $1.00 per can to $2.00 per can and you buy the same amount, is it considered elastic or inelastic? If the price of Pepsi increases by one cent and this induces you to stop buying Pepsi altogether and switch to Coke, is it considered elastic or inelastic?

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Which of the following is a competitive benefit experienced by the first mover firm in an industry? a. the first mover will be able to achieve a less steep learning curve. b. the first mover will be able to reduce the switching costs. c. the first mover will not have to patent its products or technology. d. the first mover will be able to reduce costs through economies of scale.