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You own an ice cream shop and currently sell a cone for $15/unit. you decide to raise the price because you see your ice cream

You own an ice cream shop and currently sell a cone for $15/unit. you decide to raise the price because you see your ice cream become more popular. this price increase will cause the price elasticity of your ice cream to change from -2 to -1.75.

a) how much should be the new price of ice cream

b) how much percentage of customer would you retain before prize increase become unprofitable

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