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Microeconomics Econ 100A 5. The price elasticity of demand is 1.4 and the price fell from $100 to $95. What happened to the total revenue?

Microeconomics Econ 100A

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5. The price elasticity of demand is 1.4 and the price fell from $100 to $95. What happened to the total revenue? (Hint: for small changes, the percentage change in revenue is approximately equal to the percentage change in quantity plus the percentage change in price)

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