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How do I compute the price elasticity of demand if price increases from $10 to $12 and quantity demanded falls from 600 to 400. I
How do I compute the price elasticity of demand if price increases from $10 to $12 and quantity demanded falls from 600 to 400. I need to use the value obtained and a specific example to determine whether price must be increased or decreased to increase total revenue. I've been asked to explain why. Note: Explain only how to increase total revenue, not decrease it.
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