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ECON4002 Coursework Problem Set page 18 B8. The price of cranberries rises from $4 per unit to $6 per unit, and the quantity demanded decreases
ECON4002 Coursework Problem Set page 18 B8. The price of cranberries rises from $4 per unit to $6 per unit, and the quantity demanded decreases from 600 units to 400 units. Over this price range, the price elasticity of demand (in absolute term) is unity (one). TRUE / FALSE (Explain if FALSE)
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Microeconomics Principles, Problems and Policies
Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn
20th edition
978-0077660819, 77660811, 978-1259450242
