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A calculate the price elasticity of demand using the

YZ Hamburgers operates near a college campus. Stan ofXYZhas been selling 120hamburgersa day at $4.50 each and is considering a price cut. He estimates that he would be able to sell240hamburgers per day at $3.50 each.

a. Calculate the price elasticity of demand using the arc/midpointformula.

b. Calculate the change in revenue as a result of the price cut.

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