John owns the Latin Chocolate store. He charges $5 per pound for her hand made chocolate. You, the economist, have calculated the elasticity of demand for chocolate in her town to be 0.8. If he wants to increase his total revenue, what advice will you give him and why? Be able to explain your answer.
John owns the Latin Chocolate store. He charges $5 per pound for her hand made chocolate. You, the economist, have calculated the elasticity of demand for chocolate in her town to be 0.8. If he wants to increase his total revenue, what advice will you give him and why? Be able to explain your answer.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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John owns the Latin Chocolate store. He charges $5 per pound for her hand made chocolate. You, the economist, have calculated the
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