The price elasticity of demand for ice - cream sandwiches is 1.2 at the current price of

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The price elasticity of demand for ice - cream sandwiches is 1.2 at the current price of $0.50 per sandwich and the current consumption level of 100,000 sandwiches.

Calculate the change in the quantity demanded when price rises by $0.05. Use Equations 5-1 and 5-2 to calculate percent changes and Equation 5-3 to relate price elasticity of demand to the percent changes.

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