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Explain the intuition behind the change in price

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A monopolist's marginal cost of production is constant at $10/output. The prices elasticity of demand for the output the monopolist supplies decreases from -4 to -3. How does that affect the price the monopolist charges (find the price before and after the change in price elasticity)? Explain the intuition behind the change in price.

Reference no: EM132456221

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