Question

Management of a company believes that the price elasticity of demand for its product is

-3.0. Currently, the product is priced at ₹500 and the quantity demanded is 10,000 units

per year.

(a) If the price is increased to ₹600, how many units of the product will the company be

able to sell each year?

(b) How much will total revenue change as a result of the price increase?​

Answer 1

Answer:

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