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Country Street has increased its market share by reducing the prices of a range of its products. For instance, woollen cardigans that were $149 now

Country Street has increased its market share by reducing the prices of a range of its products. For instance, woollen cardigans that were $149 now sell for $99, increasing sales from 10,000 to 80,000 a year. (i) Show why this strategy has been so successful by calculating the price elasticity of these cardigans at a price of $149 and comment

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