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Assume that new robotic technology decreases the costs of producing and harvesting fruit so that the price of fruit decreases by 5%.In order to estimate
Assume that new robotic technology decreases the costs of producing and harvesting fruit so that the price of fruit decreases by 5%.In order to estimate the impact of this price decrease on the quantity of fruit traded in the market, you would need the:
a.Cross-price elasticity.
b.Income elasticity.
c.Elasticity of supply.
d.Elasticity of demand.
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