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What will happen to total revenue

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Question - You have been informed by the landlord that the rent on the shop front will increase to $45,000 per year. Your business partner suggests increasing the price of a cup of coffee to compensate. It is estimated that the price elasticity of demand is -0.9. What will happen to total revenue if the price of a cup of coffee is increased? What should you do?

Reference no: EM133005178

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