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| Tower Inc. sells a product that is a close substitute for a product offered by Westco. Historically, management of Tower has observed a coefficient of cross-elasticity of 1.5 between the two products. If management of Tower anticipates a 5% increase in price by Westco, how would this action by Westco’s management be expected to affect the demand for Tower’s product? A. A 5% increase. B. A 5% decrease. C. A 7.5% increase. D. A 7.5% decrease. |
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