(Read the The Market for Used Automobiles section in Appendix 4A before answering the question.) When prices...

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(Read the “The Market for Used Automobiles” section in Appendix 4A before answering the question.) When prices of used cars dropped about 10 percent in October 2001, their sales increased by 4.5 percent. Does this mean that the demand elasticity for used cars is 0.45?

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