Question: Ped = 1.2. Interpret this elasticity. With this elasticity, should price be increased or decreased to increase revenue? b. Ced = -0.6 (cross price elasticity

Ped = 1.2. Interpret this elasticity. With this elasticity, should price be increased or decreased to increase revenue?

b. Ced = -0.6 (cross price elasticity of demand). Interpret this elasticity.

c. Income elasticity, Ied = 1.3. Interpret this elasticity.

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