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Calculate the price elasticity of demand for ipads

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Assignment:

Consider once again the market for iPads.

(a) Calculate the price elasticity of demand (PED) for iPads if the price increased from $700 to $750. Is demand elastic or inelastic?

(b) What implication does the elasticity measure calculated in Part (a) have for total revenue (TR)? Explain your answer. Calculate TR for the new price of $750.

Reference no: EM133494084

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