You work in the Economic Planning Department of a consultants, Econ Consult. You have been asked by the Managing Director to work in a small group with 3 other people to write a response to the following enquiry.

Company Name : We need to know
Contact Name : Dr J Jack
Company Address : Room 101, 77 Old Road, Bath, NW29

A firm has requested the following information;

1. What is the likely PED and impact on total revenue when the original price = 100, original quantity = 35, the new price = 90, and the new quantity = 38.

2. What is the likely PED and impact on total revenue when the original price = 100, original quantity = 35, the new price = 90, and the new quantity = 48.

Your findings need to be presented in two ways, the first will be as a written report with covering letter, second will be as a question and answer session on the content of the report.

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