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Economists estimate the short run elasticity of demand for a Chipotle burrito is -2.25.
i) What degree of elasticity does Chipotle burritos exhibit?
ii) A 1% change in the price of Chipotle burritos would do what to the quantity demanded of Chipotle burritos?
iii) What would happen if Chipotle lowered its burrito price by 2% to its sales (numeric answer)?
iv) What happens to Chipotle's total revenue if it were to lower its price by 2%?
i wan''t the answer of this Q Question 3 (5 marks) Most studies of firms’ long run costs have found that average costs decline as firms produce increasingly larger output levels (
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Suppose price elasticity of demand for HP laptops is -2.3. If the price of an HP laptop is $1,000, what should the new price be to have an increase of 10% in quantity demanded for
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