If price were lowered from $50 to $43 and quantity demanded rose from 15 to 16, calculate
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If price were lowered from $50 to $43 and quantity demanded rose from 15 to 16, calculate elasticity;
state whether demand is elastic, unit elastic, or inelastic; and fi nd how much total revenue was when price was $50 and $43. ( LO1 , 3 )
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