Answer the following questions based on the accompanying graph. 
a. What is the change in revenues associated with the price effect for this firm when the price decreases from $50 to $30?
b. What is the change in revenues associated with the output effect for this firm when the price decreases from $50 to $30?
c. Would the firm gain revenue if it lowered the price from $50 to $30? Explain.
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Education
The process of receiving or giving systematic instruction, especially at a school or university.
Intelligence
An inferred characteristic of an individual, usually defined as the ability to profit from experience, acquire knowledge, think abstractly, act purposefully, or adapt to changes in the environment.
Acquire Knowledge
The process of learning or obtaining information, understanding, or skills through experience, study, or being taught.
Adapt
The process of adjusting or changing to become more suitable for a new environment or conditions.
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