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1. Suppose the number of firms you compete with has recently increased. You estimated that as a result of the increased competition, the demand elasticity

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1. Suppose the number of firms you compete with has recently increased. You estimated that as a result of the increased competition, the demand elasticity has increased from 2to 3, i.e., you face more elastic demand. You are currently charging $10 for your product. If demand elasticity is -3, you should charge [X]

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