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You run a company that has a monopoly on a new drug that treats arthritis. The price is $10 per dose, and you sell 10 million doses per day. Market research shows that a reduction of price by $2 will increase sales to 11 million per day. Based on these calculations, what is the effect of cutting price on total revenue: Increase, decrease, or no change? Show your calculations.

Reference no: EM131759490

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