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Suppose the government of Nova Scotia wants to reduce the consumption of electricity by 5 percent. The price elasticity of demand for electricity is 0.40.

Suppose the government of Nova Scotia wants to reduce the consumption of electricity by 5 percent. The price elasticity of demand for electricity is 0.40. You advise the Nova Scotia government to

Question 25 options:

lower the price of electricity by 12.5 percent

raise the price of electricity by 12.5 percent

raise the price of electricity by 2 percent

raise the price of electricity by 8 percent

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