Some information about price elasticity of demand

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Each scenario below gives some information about price elasticity of demand. For each, calculate the missing data, and determine if the price change under consideration will increase, decrease, or not change the firm's total revenue. Honest Abe\'s Used Cars estimates the price elasticity of demand for their cars to be 2.6. Last month, Abe tried a new marketing scheme which decreased the number of cars sold by 95%. Abe must have prices by Abe's total revenue.

Reference no: EM131095605

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