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Explain what will happen to the total revenue of a firm if the firm lowers the price of its product in the following cases: case

Explain what will happen to the total revenue of a firm if the firm "lowers" the price of its product in the following cases:

case a) When demand for the product is price-elastic.

case b) When demand for the product is price-inelastic.

In your analysis, provide "a crystal clear explanation" with support of a diagram in each case.

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