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7. Price Elasticitiy of Demand You are the curator of a museum. The museum is running short of funds, so you decide to increase revenue.

7. Price Elasticitiy of Demand

You are the curator of a museum. The museum is running short of funds, so you decide to increase revenue.

What should you do to increase revenue if the price elasticity of demand is 2.4?

a) Raise the admission price

b) Nothing, revenue is maximized at current admission price

c) Lower the admission price

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