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2. In a local market, the price of product X decreases from $20 to $12, and the total quantity of sales increases from 100,000 to

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2. In a local market, the price of product X decreases from $20 to $12, and the total quantity of sales increases from 100,000 to 225,000. A. Using the price elasticity of demand formula for calculating elasticity, what is the price elasticity of demand for product X? Is the demand elastic, unit-elastic or inelastic? What is the change in revenue for this product from the price decrease? CPU

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