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1. Joe is evaluating the marketing strategy at his restaurant and inn. Suppose that in response to a $2.00 off sales promotion for spaghetti dinners, Joe finds that nightly dinner sales increase from 20 per night to 40. Normally, the dinners sell for $6.00.
a. What is the arc price elasticity of demand for Joe's spaghetti dinners?
b. Would Joe increase revenues by further reducing the price? What about profits? Explain.
Marginal utility approach The downward sloping nature of the demand curve can be explained by using the law of diminishing marginal utility . For instance, consider a consum
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