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Determine the cross-price elasticity of demand

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Reference no: EM132949119

(a) Explain how greater advertising by a firm may reduce the price elasticity of demand for its product.

(b) What factors determine the cross-price elasticity of demand?

(c) Explain why firms will always maximise revenue by charging a price where demand is unitary elastic.

(d) Explain why firms will always maximise profit by charging a price where demand is elastic.

Reference no: EM132949119

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