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The price elasticity of demand for Stork ice cream is -4. Suppose you're told that, following a price increase, quantity demanded fell by 10 per
The price elasticity of demand for Stork ice cream is -4. Suppose you're told that, following a price increase, quantity demanded fell by 10 per cent. What was the percentage change in price that brought about this change in quantity demanded?
I know the answer is 2.5 but how do I work it out?
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