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.The relationship between marginal revenue and price elasticity of demand is given as: MR = , where MR is marginal revenue, P is price of

.The relationship between marginal revenue and price elasticity of demand is given as: MR = , where MR is marginal revenue, P is price of the commodity and Ed is the coefficient of price elasticity of demand. As a manager of a business firm in Accra, explain with appropriate illustrations how the above relationship will guide you in making pricing and output decisions of your firm.(10 Marks)

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