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As a result of 5 percent fall in the price of food, it's Demand rises by 12%. Find the price elasticity of demand and say demand is elastic or inelastic and why.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter19: Elasticity

Section: Chapter Questions

Problem 1WNG: A college raises its annual tuition from 23,000 to 24,000, and its student enrollment falls from...

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As a result of 5 percent fall in the price of food, it's Demand rises by 12%. Find the price elasticity of demand and say demand is elastic or inelastic and why.

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