If price were lowered from $50 to $43 and quantity demanded rose from 15 to 16, calculate

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If price were lowered from $50 to $43 and quantity demanded rose from 15 to 16, calculate elasticity; state whether demand is elastic, unit elastic, or inelastic; and find how much total revenue was when price was $50 and $43.

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Microeconomics

ISBN: 9780077641542

11th Edition

Authors: Stephen Slavin

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Question Posted: Feb 29, 2024 07:01 AM

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If price were lowered from $50 to $43 and quantity demanded rose from 15 to 16, calculate

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ANSWER To calculate the price elasticity of demand PED well ...View the full answer

Microeconomics

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