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Consider the market for Amazon Alexa speaker devices. P ($) 150 140_ 130- 120- 100- 10 20 30 40 50 (1,000) (a) Calculate the price

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Consider the market for Amazon Alexa speaker devices. P ($) 150 140_ 130- 120- 100- 10 20 30 40 50 (1,000) (a) Calculate the price elasticity of demand (PED) for Alexa if the price increases from $120 to $130. (2 marks) (b) Given this price increase, would Amazon's total revenue increase or decrease? Explain why. (2 marks) (Approximate numbers read off the chart are ok.)

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