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Increase its price for whoppers

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2019 was a good year for McDonalds, Big Mac revenues increased by 9% and their closest competitor, Burger King, had to increase its price for Whoppers (a similar hamburger). In-house McDonalds analysts noted this revenue growth is due in part to a 3% increase in the quantity of Big Mac's purchased. a. Can the price elasticity of demand for Big Mac's be calculated from this information? If so, calculate the price elasticity of demand and interpret your result. If not, identify what additional information you would need to make the calculation.

Reference no: EM132499993

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