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A assume that a product has an elastic demand explain what

A. Assume that a product has an elastic demand. Explain what will occur to the firm? total revenue if the price of the product is increased.

B. List and explain three (3) factors that could impact price elasticity of demand for a product.

C. What is income elasticity? How is it used by economists?

D. What is cross elasticity of demand? How is it used by economists?

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