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When price = $16, quantity demanded = 200. When price = $14, quantity demanded = 225. When the firm ...

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When price = $16, quantity demanded = 200. When price = $14, quantity demanded = 225. When the firm ...

When price = $16, quantity demanded = 200. When price = $14, quantity demanded = 225. When the firm lowered price from $16 to $14, it discovered that demand is __________ and total revenue __________ by ____________,

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elastic; increased; $3,200

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elastic; decreased; $3,150

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inelastic; increased; $50

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inelastic; decreased; $50

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inelastic; decreased; $3,150

Textbook

Economics

Edition: 12^th

Author: Arnold

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