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Use the price-demand equation p + 0.005x = 48, 0 s p s 48. Find the elasticity of demand when p = $16. If the

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Use the price-demand equation p + 0.005x = 48, 0 s p s 48. Find the elasticity of demand when p = $16. If the $16 price is decreased by 4%, what is the approximate percentage change in demand? The elasticity of demand when p = 16 is (Type an integer or a simplified fraction.)

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