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Tidy Tidy
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Ali's Gyros operates near a college campus. Ali has been selling 120 gyros a day at $4.50 each and is considering a price cut. He estimates that he would be able to sell 200 gyros per day at $3.50 each.

a.   Calculate the price elasticity of demand using the midpoint formula.
b.   Calculate the change in revenue as a result of the price cut.
Textbook 
Essentials of Economics

Essentials of Economics


Edition: 4th
Authors:
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