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1. Which of own price elasticity, cross price elasticity, industry elasticity, and diversion ratio would be most helpful in getting a sense of each of
1. Which of own price elasticity, cross price elasticity, industry elasticity, and diversion ratio would be most helpful in getting a sense of each of the following (one choice for each, please explain): (a) Lerner index; (b) how much demand for your prod uct will go down if you increase your own price by a bit; (c) the fraction of demand for one of your products that you lose due to a price increase that you will be able to recoup by increased de mand for another of your prod- ucts; ((1) how much aggregate demand in a market decreases if all prices go up by the same percentage; (e) how much a rival increasing her product's price will help demand for your product
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