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Explain how much would the firm revenue change

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Reference no: EM133004885

Problem 1: How much would the firm's revenue change if it lowered the price from $12 to $10? Is demand elastic or inelastic in this range?

Problem 2: How much would the firm's revenue change if it lowered the price from $4 to $2? Is demand elastic or inelastic in this range?

Problem 3: What price maximizes the firm's total revenues? What is the elasticity of demand at this point on the demand curve?

Reference no: EM133004885

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