The same company finds the price-demand relation can be modelled by x = 20- Find (a)...
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The same company finds the price-demand relation can be modelled by x = 20-√√ Find (a) elasticity of demand; (b) the elasticity when price is $10; (c) if we increase the price from $10 to a higher value, do you expect a fall or rise in the revenue? why? (c) at which price the revenue is expected to reach its maximum value? The same company finds the price-demand relation can be modelled by x = 20-√√ Find (a) elasticity of demand; (b) the elasticity when price is $10; (c) if we increase the price from $10 to a higher value, do you expect a fall or rise in the revenue? why? (c) at which price the revenue is expected to reach its maximum value?
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