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When the price of product X increases 12 percent (+12%), the quantity demanded of X decreases 15 percent (-15%).The priceelasticity of demandfor X is:
When the price of product "X" increases 12 percent (+12%), the quantity demanded of "X" decreases 15 percent (-15%).The priceelasticity of demandfor "X" is:
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Basic Econometrics
Authors: Damodar N. Gujrati, Dawn C. Porter
5th edition
73375772, 73375779, 978-0073375779
