Question
You observe that in a given data set, when P of an ice-cream rises from $1 to $2, Q demanded rises from 400 units to
You observe that in a given data set, when P of an ice-cream rises from $1 to $2, Q demanded rises from 400 units to 500 units. Can Anya thus declare that Law of Demand does not always work, or could she offer a possibly different explanation for the observed data?
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Basic Econometrics
Authors: Damodar N. Gujrati, Dawn C. Porter
5th edition
73375772, 73375779, 978-0073375779
