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If the price of shoes increases by 10%, its demand will drop by 30%.
1. Calculate the price elasticity of demand covariance for this product at this point.
2. Is it elastic or inelastic?
3. If the initial price of the product is $100 and the sales in 10,000 units a day, then how this change in price will affect the revenue?
4. If you where the management of this shoe factory, would you increase the price?
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