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a) Widget Inc. decides to reduce the price of its product, Widget 1.0 from $100 to...

a) Widget Inc. decides to reduce the price of its product, Widget 1.0 from $100 to $75. The company predicts that the sales of Widget 1.0 will increase from 10.000 units a month to 20.000 units a month. Calculate the price elasticity of demand and explain?

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