PUT YOUR PRICES UP OR DOWN?

As an example, let us assume your current business is as follows:

Now if you were given two options which one do you think would be most beneficial?

Option 1
Put your prices up by 10% in which case you are likely to sell less quantity and let us say your best judgement is that the quantity you sell will fall by 20%.

Option 2
Put your prices down by 10% in which case you are likely to sell more quantity and let us say your best judgement is that the quantity you sell will rise by 20%.

So do you raise prices by 10% and lose 20% of your sales or reduce prices by 10% and get 20% more sales. Which would you do?

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