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3. (1 point) Price Elasticity of Demand
You are an analyst for Southern California Edison, a public utility in SoCal that provides electrical service to homes (residences) and businesses. Your task is to design a change in electrical rates that will increase total revenue received by SoCal. For each cell below,
indicate whether you would increase or decrease rates, and give a brief explanation as to why. _ residential customers business customers electricity
between 7 am
and 7 pm electricity
between 7 pm
and 7 am

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