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Suppose the price elasticity of demand for cable TV service is -3.5. If the price of cable subscription service increases by 5 percent, calculate the

Suppose the price elasticity of demand for cable TV service is -3.5.

If the price of cable subscription service increases by 5 percent, calculate the response by consumers. By how much should we expect the quantity of subscriptions demanded to change? Is this a positive or negative change?

Explain and show your work for full credit.

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