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The price of a camera is $150, and quantity demanded at this price is 4 million. During the sale, the price drops to $130 and

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The price of a camera is $150, and quantity demanded at this price is 4 million. During the sale, the price drops to $130 and the quantity demanded rises to 6 million A. Calculate Total Revenue at $150 B. Calculate Total Revenue at $130 C. Explain the value of the change in Total Revenue D. Calculate PED (mid-point formula) E. Is the demand elastic? Elastic? unit elastic? Perfectly elastic? Perfectly inelastic? F. Is camera a necessity

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