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The figures above both set out some important but tedious rules. For each of the following cases, state whether the demand curve is relatively steep or flat and whether a fall in price will raise total revenue or lower it. In this case, note that we present the elasticity in terms of its absolute value.

Elasticity of demand = 0.7.

Elasticity of demand = 3.0.

Elasticity of demand = 20.0.

Elasticity of demand = 1.05.

Elasticity of demand = 0.95.

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