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Suppose that new entry decreased your demand elasticity from - 2 to -3 (made demand more elastic). By how much should you adjust your price of $10? Use (P-MC)/P = 1/ l e l to find out MC and then use the same equation to find out the new price. l e l is the absolute value of demand elasticity.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M945602

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