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28 November, 20:20

Assume the price elasticity of demand for great fit shoe co. shoes is 2.5. if the company decreases the price of each pair of shoes, total revenue will

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  1. 28 November, 20:43
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    the price elasticity of demand for great fit shoe co. shoes is 2.5

    company decreases the price of each pair of shoes

    total revenue will=?

    The answer is that the total revenue will increase and the reason is this that the percentage increase in the number sold is greater than the percentage decrease in the price.
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