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When price = $16, quantity demanded = 200. When price = $14, quantity demanded = 225. When the firm lowered price from $16 to $14,
When price = $16, quantity demanded = 200. When price = $14, quantity demanded = 225. When the firm lowered price from $16 to $14, it discovered that demand is and total revenue by a. inelastic; increased; $50 b. inelastic; decreased; $3,150 O c. inelastic; decreased; $50 O O d. elastic; decreased; $3,150 O O e. elastic; increased; $3,200
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Economics
Authors: Campbell R. McConnell, Stanley L. Brue, Sean M. Flynn
18th edition
978-0077413798, 0-07-336880-6, 77413792, 978-0-07-33688, 978-0073375694
