When heavy rain ruined the banana crop in Central America, the price of bananas rose from $1
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When heavy rain ruined the banana crop in Central America, the price of bananas rose from $1 a pound to $2 a pound. Banana growers sold fewer bananas, but their total revenue remained unchanged. By how much did the quantity of bananas demanded change? Is the demand for bananas from Central America elastic, unit elastic, or inelastic?
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Related Book For
Essential Foundations Of Economics
ISBN: 9780316512329
6th Edition
Authors: Robin Bade, Michael Parkin
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