Suppose low-income consumers facing significant cost-of-living pressures in 2023 heard that Levi Strauss lowered the price of 502 jeans by $10, from $70 to $60. Calculate PED for these price-sensitive consumers in this situation. Describe what would happen to revenue in this case. [In your answer, use hypothetical quantities.]

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To calculate the price elasticity of demand PED we can use the formula PED frac text Change in Quant... View the full answer