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If the absolute price elasticity of demand for good Y is 0.75, when there is a 30 percent increase in price, we can conclude that

If the absolute price elasticity of demand for good Y is 0.75, when there is a 30 percent increase in price, we can conclude that quantity demanded

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has fallen by 40.0 percent.

has fallen by 35.0 percent.

has fallen by 22.5 percent.

has fallen by 10.4 percent.

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