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Suppose that you are currently charging $10 for your product and selling 10,000 items. Calculate your total revenue. If you increase your price to $11,

Suppose that you are currently charging $10 for your product and selling 10,000 items. Calculate your total revenue. If you increase your price to $11, you estimate that you will sell 8,000 units. Calculate your total revenue. Calculate the price elasticity of demand.

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