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Number of firms you compete with recently increased

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Reference no: EM132021214

Suppose the number of firms you compete with recently increased. You estimated that as a result of the increased competition, the demand elasticity has increased from -2 to -3, ie you face more elastic demand. You are currently charging $10 for your product. If demand elasticity is -3, you should charge (X).

Reference no: EM132021214

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