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Suppose a seller of a textile cloth wants to lower the price of his cloth from $ 150/meter to $142.5/Meter. His present sales are 2000meters/month.and

Suppose a seller of a textile cloth wants to lower the price of his cloth from $ 150/meter to $142.5/Meter.

His present sales are 2000meters/month.and further it is estimated that its price elasticity is= 0.7.

i) Would his total revenue change due to this decision of lowering price?

ii) Calculate the new total revenue.

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