Question
supppose we find that the price elasticity of demand for a product is 0.4 when its price is increased by 4%. We can conclude that
supppose we find that the price elasticity of demand for a product is 0.4 when its price is increased by 4%. We can conclude that quantity demand
A) increase by 1.6%
B) decrease by 1.6%
C) decrease by 10%
D) decrease by 0.1%
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Fundamentals of Managerial Economics
Authors: Mark Hirschey
9th edition
324584830, 978-0324588781, 032458878X, 978-0324584837
