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pjw1979 pjw1979
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2 years ago
If the price elasticity of demand is 0.5, then a 10% increase in price results in a

▸ 50% reduction in quantity demanded.

▸ 5% decrease in quantity demanded.

▸ 0.5% decrease in quantity demanded.

▸ 5% decrease in total revenues.

▸ 5% increase in quantity demanded.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
Author:
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melryandionmelryandion
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2 years ago
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Helped a lot
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You make an excellent tutor!
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