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Would lowering your prices increase or decrease your total

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Reference no: EM133575318

Question: Assume that you are managing a store that sells fishing equipment when answering the following questions: a. The income elasticity of demand for goods in your store is -1.75. Would you expect more or fewer customers during times of falling incomes? b. You read in a trade magazine that the price elasticity of demand for fishing lures 1.75. Would lowering your prices increase or decrease your total revenue?

 

 

Reference no: EM133575318

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