Should the owner of the store increase the price

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If the price of a bottled water increases from $1.50 to $1.75, and demand decreases from 100 to 89 (per day), what is the price elasticity of demand? Is it elastic or inelastic? Should the owner of the store increase the price to $1.75 to increase to increase the total revenue? why or why not?

Reference no: EM13205234

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