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Suppose we find that the price elasticity of demand for a product is 1.25 when its price is increased by 8 percent. We can conclude

Suppose we find that the price elasticity of demand for a product is 1.25 when its price is increased by 8 percent. We can conclude that quantity demanded

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increased by 0.16 percent.
decreased by 10 percent.
decreased by 0.8 percent.
decreased by 0.16 percent.

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