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a. calculate price elasticity given the following information. is the curve elastic, inelastic, or unitary elastic. original quantity; 7700 lbs of peanuts new quantity; 6900

a. calculate price elasticity given the following information. is the curve elastic, inelastic, or unitary elastic.

original quantity; 7700 lbs of peanuts

new quantity; 6900 lbs of peanuts

original price; $2.99/lb

new price; $5.49/lb

b. given the elasticity calculated in part a, will the seller increase or decrease their revenue if they raise the price of the peanuts?

c. explain the determinants of elasticity.

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