Lets say you run a donut franchise, you have two options. first is to increase price of existing products by 10% (price inelasticity). second option would be to increase total volume by 10% as a result of a new product. which should you do and why?
a. Increase the price of existing products by 10% (price inelasticity).
b. Increase total volume by 10% as a result of a new product.
c. Conduct market research to understand consumer preferences and purchasing behavior.
d. Analyze the potential impact of each option on overall profitability and customer satisfaction.