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Need help with this question During their last year in power in Afghanistan the Taliban outlawed growing poppies, the flower from which opium is made.
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During their last year in power in Afghanistan the Taliban outlawed growing poppies, the flower from which opium is made. As a result, opium production declined by 95% and the price of opium rose from 2,000 rupees per kg to 40,000 rupees per kilogram. What is the price elasticity of demand for opium in Afghanistan? (hint - use the mid-point formula to calculate the percentage change in price).
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