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The demand for Wave Sport Kayaks can be characterized by the following point elasticities: price elasticity =−1.2, cross-price elasticity with Dagger Kayak =+1.2, income elasticity =+1.5, and advertising elasticity =+0.5 Indicate whether each of the following statements is true or false and explain your reason A price decrease for Wave Sport will increase both the number of units demanded and the total revenue of sellers. O True O False
Sagot :
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