A store selling clothing and shoes has monthly revenue of $100,000 from clothing and $50,000 from shoes. Own price elasticity of demand for clothes is -2 and cross price elasticity of demand between clothes and shoes is -0.5. if the store increases the price of clothes by 5%, what will be the change in revenue?
One of the most common cliches ever used is that “you learn from your mistakes.” This rings true of almost…
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