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Explain how each of the following changes will affect Total Revenue (TR). Please show your work... (a) Demand is perfectly inelastic and price increases by

Explain how each of the following changes will affect Total Revenue (TR). Please show your work...

(a) Demand is perfectly inelastic and price increases by 1% (3 marks)

(b) Ed = 2.3 and price increases by 1% (3 marks)

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