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Assume that you are an entrepreneur who runs a bakery that sells gluten-free breads and cakes. You believe that the current economic conditions merit an
Assume that you are an entrepreneur who runs a bakery that sells gluten-free breads and cakes. You believe that the current economic conditions merit an increase in the price of your baked goods. You are concerned, however, that increasing the price might not be profitable because you are unsure of the price elasticity of demand for your products. Develop a plan for the measurement of price elasticity of demand for your products. What findings would lead you to increase the price?
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