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1. Let's say own-price elasticity is greater than 1. If the price decreases, what happens to total revenue. Explain this by using a graph. 2.

1. Let's say own-price elasticity is greater than 1. If the price decreases, what happens to total revenue. Explain this by using a graph.

2. Explain how we derive (uncompensated) demand curve from optimal condition from the utility maximization problem. Explain by figure.

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