(Answered) Suppose you are the manager of a restaurant that services

Economics

Suppose you are the manager of a restaurant that services an average of 400 meals per day at an average price per meal of 20$ on the basis of a survey, you have determined that reducing the price of an average meal to 18$ would increase the quantity demanded to 450 per day.

Compute the price elasticity of demand between two points.

Total revenue to rise or fall?

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Macroeconomics, Economics

Category:- Macroeconomics
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