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stars_and_moon stars_and_moon
wrote...
Posts: 3218
7 years ago
Your friend spent the summer roaming around a golf course collecting lost golf balls. Now he has opened up a stand selling used golf balls at the 3rd green. He currently charges $1 per ball and asks your advice about if he should change the price he charges. If the price elasticity of demand for used golf balls is 0.50, you should advise your friend to ________ the price. Since demand is ________, this will increase total revenue.
A) lower; elastic
B) raise; inelastic
C) raise; elastic
D) lower; inelastic
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kingbykingby
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Posts: 3218
7 years ago
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7 years ago
Incredible!
wrote...
7 years ago
Great! Now we can move on to the next one
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