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Economics

Suppose that P1=10 and Q1=20; P2=20 and Q2=10.

a. Suppose that price elasticity of demand is -1 for P=4, Q=10. Calculate marginal revenue for this point on the demand curve.

b. Suppose price elasticity of demand is equal to -2 at a price of 4. If you increase the price slightly will your total revenue increase or decrease?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91720420

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