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A t-shirt vendor sells t-shirts for around $5 each. Through small price adjustments, the vendor has estimated that the elasticity of demand for the t-shirts
A t-shirt vendor sells t-shirts for around $5 each. Through small price adjustments, the vendor has estimated that the elasticity of demand for the t-shirts at this price is close to 0.7. What should the vendor do with this information in order to maximize revenue? The vendor should decrease prices. The vendor should increase prices. The vendor should not change prices. The vendor cannot apply this information to pricing decisions
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