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Suppose you are currently selling QX = 320 at PX = $500. What is the own-price elasticity of demand for your product? If the price

Suppose you are currently selling QX = 320 at PX = $500. What is the own-price elasticity of demand for your product? If the price PX rises to $550, while all other variables stay constant, how will the demand for your product change?

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