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Use this formula: 0=0ln0=ln+ln0 and ln1=ln+ln1 Follow the steps to determine the quantity demanded if price increases by $1 from the current level of $2,
Use this formula:
0=0ln0=ln+ln0 and ln1=ln+ln1
- Follow the steps to determine the quantity demanded if price increases by $1 from the current level of $2, knowing that the current quantity demanded is 9 units, last years quantity demanded was 12 at a price of $1, and demand is assumed to be log-linear.
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