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A study estimates that the price elasticity of demand for drug E is -3.41, but the price elasticity of demand for its class of drugs as a whole is -0.22.
a) Why is demand for drug E more elastic than for the whole class of drugs?
b) What would happen to revenues if the makers of drug E raised prices by 10%?
c) What would happen to industry revenues if all manufacturers raised prices by 10%?
d) Why are the answers so different?
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