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7. In an attempt to increase revenues and profits, a firm is considering a 4 percent increase in price and an 11 percent increase in

7. In an attempt to increase revenues and profits, a firm is considering a 4 percent increase in price and an 11 percent increase in advertising. If the price elasticity of demand is -1.5 and the advertising elasticity of demand is 0.6, would you expect an increase or decrease in total revenue?

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