(2021 Summer Midterm) At the current equilibrium point, the price elasticity of demand for soda is -0.6 and the price elasticity of supply for soda is 1.13. Suppose the demand decreases by 2.69%. This leads to a decrease of [Answer]% it the equilibrium quantity.

(2021 Summer Midterm) At the current equilibrium point, the price elasticity of demand for soda is -0.6 and the price elasticity of supply for soda is 1.13. Suppose the demand decreases by 2.69%. This leads to a decrease of [Answer]% it the equilibrium quantity.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter4: Estimating Demand

Section: Chapter Questions

Problem 6E

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(2021 Summer Midterm) At the current
equilibrium point, the price elasticity of demand
for soda is -0.6 and the price elasticity of supply
for soda is 1.13. Suppose the demand decreases
by 2.69%. This leads to a decrease of [Answer]% in
the equilibrium quantity.
(In decimal numbers, with two decimal places,
please.)

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