question archive Use the formulas for elasticity to answer the following questions
Use the formulas for elasticity to answer the following questions
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Use the formulas for elasticity to answer the following questions.
Suppose that the price elasticity of demand for milk is 0.6. If a grocer raises the price of milk by 15%, by what percentage will milk sales decrease as a result of the price increase? Will the grocer's revenue from milk sales go up or down?
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