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If a 2-percent increase in the price of corn flakes causes a 10-percent decline in the quantity demanded, what is the elasticity of demand?

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 1SQP

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If a 2-percent increase in the price of corn flakes causes

a 10-percent decline in the quantity demanded, what is the elasticity of demand?

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