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The producer of good X is contemplating a price change and has asked for your advice. After some ...

johndoris

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The producer of good X is contemplating a price change and has asked for your advice. After some ...

The producer of good X is contemplating a price change and has asked for your advice. After some empirical investigation, you conclude that the price elasticity of demand for good X is 0.75. Your best advice to the producer would be to

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increase the price of good X to raise total revenue.

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decrease the price of good X to raise total revenue.

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leave the price of good X unchanged since it will not influence total revenue.

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increase the price of good X to reduce total revenue.

Textbook

Economics

Edition: 12^th

Author: Arnold

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