According to a study the price elasticity of jewelry is 12, Business Economics

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According to a study the price elasticity of jewelry is 12

According to a study, the price elasticity of jewelry is 1.2 and its income elasticity is 1.5 in the U.S. a. Would you suggest that Patton’s Jewelry Company cut its prices to increase its revenue? b. What would be expected to happen to the total quantity of jewelry sold in the U.S. if incomes fall by 10 percent?

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Business Economics: According to a study the price elasticity of jewelry is 12

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