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Calculate percent change in the long run equilibrium consumption of this good? The price elasticity of demand for a certain agricultural product is constant (over
Calculate percent change in the long run equilibrium consumption of this good?The price elasticity of demand for a certain agricultural product is constant (over the relevant range of prices) and equal to-2. The supply elasticity for this product is constant and equal to 3. Originally the equilibrium price of this good was $45 per unit. Then it was discovered that consumption of this product was unhealthy. The quantity that would be demanded at any price fell by 100%.
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Microeconomics An Intuitive Approach with Calculus
Authors: Thomas Nechyba
1st edition
538453257, 978-0538453257
