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Would you support or refute your manager argument

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Question - You have determined that your firm's own-price elasticity is -0.5 and that your firm's cross-price elasticity with a competitor is 1.5. Last month your competitor increased prices by one percent. Today, in response, your manager has proposed increasing prices by one percent. Your manager's reasoning that by matching the competitor's price increase, your firm will increase revenue. Would you support or refute your manager's argument?

Reference no: EM132868468

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