Solved: Assume you are selling a product in which at a price of 10, Business Economics

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Assume you are selling a product in which at a price of 10

Assume you are selling a product in which at a price of $10, you can sell 90 units. When the price increases to $11, you can only sell 63 units. Given this change in price and sales, answer the following:

What is the price elasticity of demand for your product?

Is demand elastic, unit-elastic or inelastic?

What is the change in revenue for this product from the price increase

The change in revenue would be?

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Business Economics: Assume you are selling a product in which at a price of 10

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Business Economics: Assume you are selling a product in which at a price of 10

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