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"The Department of Agriculture came out today with its prediction for food price

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33F“? 4/ Here It Is glven that there ls a 46% increase In food prlces, 10% Increase lrl eggs, dairy producrs and cereals prices, and Beef, poultry and pork prices are increased by3%. Step 2 lfthese changes in price w'lll have a 4% decrease in the consumption of pork, price elasticity ofdemand for park would be: =Percenrage cnange in quantity demanded/percentage cnange in price =Awe/3% :1.25
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