40. If the price elasticity of demand for a good is 0.94, then which of the following...
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Question:
40. If the price elasticity of demand for a good is 0.94, then which of the following events is consistent with a 4 percent
decrease in the quantity of the good demanded?
a. a 0.235 percent increase in the price of the good
b. a 2.350 percent increase in the price of the good
c. a 3.760 percent increase in the price of the good
d. a 4.255 percent increase in the price of the good
Please explain how I would solve this
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