Price elasticity of demand between two points

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Suppose you are the manager of a restaurant that services an average of 400 meals per day at an average price per meal of 20$ on the basis of a survey, you have determined that reducing the price of an average meal to 18$ would increase the quantity demanded to 450 per day.

Compute the price elasticity of demand between two points.

Total revenue to rise or fall?

Reference no: EM131093651

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