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If Price Were Lowered from $10 to $8 and Quantity

Question 92

Essay

If price were lowered from $10 to $8 and quantity demanded rose from 50 to 51,calculate elasticity;state whether demand is elastic,unit elastic,or inelastic;and find how much total revenue was when price was $10 and $8.

Correct Answer:

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P1 = 10;P2...

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