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bbergeron11 bbergeron11
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A year ago
Suppose a fast-food chain determines that the price elasticity of demand for its hamburgers is 0.75, and the price of the hamburger is currently $4.00. What will be the effect on quantity demanded and total expenditure on this chain's hamburgers if the price is increased to $6.00?

▸ Quantity demanded will fall by 0.4%, and total expenditure will decrease.

▸ Quantity demanded will fall by 0.3%, and total expenditure will decrease.

▸ Quantity demanded will fall by 40%, and total expenditure will increase.

▸ Quantity demanded will fall by 75%, and total expenditure will increase.

▸ Quantity demanded will fall by 30%, and total expenditure will increase.
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Microeconomics

Microeconomics


Edition: 17th
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joshamjosham
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A year ago
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