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Need explanation and formula(s) in EXCEL. Suppose that a new restaurant entry increased consumer elasticity of demand for the sushi appetizer from 2 to 3.

Need explanation and formula(s) in EXCEL.

  1. Suppose that a new restaurant entry increased consumer elasticity of demand for the sushi appetizer from 2 to 3. The Price you charge initially is $10. By how do you have to adjust the Price? Will you still be able to make profit?

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