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Suppose that in a week the price of ground beef increases from $4.00 to $5.00 per pound. At the same time, the quantity of ground

Suppose that in a week the price of ground beef increases from $4.00 to $5.00 per pound. At the same time, the quantity of ground beef demanded at a typical grocery store decreases from 4,000 to 3,500 pounds per week. What is the price elasticity of demand for ground beef?


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