Business, 18.12.2019 06:31 cheryljoseph69

In 1916, the ford motor company produced 500,000 model t fords at a price of $440. the company made a profit of $60,000,000 that year. henry ford told a newspaper reporter that he intended to reduce the price of the model t to $360, and he expected to be able to sell 800,000 cars at that price. ford said, "less profit on each car, but more cars, more employment of labor, and in the end we get all the total profit we ought to make." did ford expect the total revenue he received from selling model ts to rise or fall following the price cut?

(a) rise because he assumed demand was elastic.
(b) fall because he assumed demand was elastic.

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In 1916, the ford motor company produced 500,000 model t fords at a price of $440. the company made...

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