(Answered) Assume that the price of a product increases from 950 to

Management Studies

Assume that the price of a product increases from $9.50 to $10.50 and this causes the quantity demanded to drop from 2,050 units to 1,950 units.

A. Calculate the total revenue at each price level.

B. Calculate the price elasticity of demand between these two points.

C. Is this demand elastic or inelastic? Explain how you know this.

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