Economists have estimated that the price elasticity of demand for taxis in Windhoek is 1.5. if the initial quantity demanded is 30000 taxis per week, and the price of taxis increases by 20%, what would be the resulting quantity demanded after the price? [Hint: start an arbitrary price (say 100), work out the new price from the information given and then calculate the unknown quantity from the standard midpoint formula]

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