The price elasticity of demand for ice-cream sandwiches is 1. 2 at the current price of $0.50
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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 6-1 and 6-2 to calculate percent changes and Equation 6-3 to relate price elasticity of demand to the percent changes.
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