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The management of a Canadian Tire has determined that the quantity demanded q of their Super grip tires per week is related to the unit
The management of a Canadian Tire has determined that the quantity demanded q of their Super grip tires per week is related to the unit price p by the equation :3 = 1/111 - , where l} S p s 12 is measured in dollars and q in units of thousands. (a) Find the elasticity of demand when p = 90. [b] if the price were to increase by 8%. estimate the resulting percent change in demand. (c) Should the price be lowered or raised from its current amount in order to increase the revenue? Justify your
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