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2 months ago

Suppose that Cheddars is currently selling 500 Chicken and Oriental salads for $5. Suppose that the own-price elasticity for this product is -0.8. If Cheddars wishes to lower the price to $4, you predict that, all other factors held constant, the number of Chicken and Oriental salads sold at this price will be



• 420.

• 580.

• 600.

• Can't tell; insufficient information.
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Introduction to Agricultural Economics
Edition: 7th
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