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Suppose you work in the marketing department for the Borden Dairy Company. The company would like to see the quantity of milk demanded increase by 12% this year. If the Price Elasticity of Demand (PED) coefficient for milk is equal to 0.75 (3/4 when expressed in fractional form), then the company should: A. Decrease the price by 9% B. Decrease the price by 16% C. Increase the price by 9% D. Increase the price by 16%
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