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If the elasticity of demand for a normal good is expected to be 2.5, a 10% reduction in its price would cause:

a) Total revenue to fall by10% b) Total revenue to fall by25%. c) Quantity demanded to rise by25%. d) Demand to decrease by10%..

Accounting Accounting Research managerial accounting
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Question added by Deleted user
Date Posted: 2014/04/09
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Gongyu Huang
by Gongyu Huang , Business Analyst, Financial Analyst , Sparta Technologies

C

it measures demanded to changes in the price

Malik Asaad
by Malik Asaad , Accountant , Arab Co

quantity demand will increase by25%

Diesella Jalbuena
by Diesella Jalbuena , Document Controller , QD-CPC National Asphalt Factory

c

Praveen Kumar Nagalingam
by Praveen Kumar Nagalingam , Assistant Manager- Technical Support to Sales (HVAC) , Mitsubishi Corporation Trading ME FZE

C

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