If the elasticity of demand for college textbooks is -0.1, and the price of textbooks increases by 20%, how much will the quantity demanded change, and in what direction?   Question 1 options:   The quantity demanded increases by 2%   The quantity demanded decreases by 20%   The quantity demanded decreases by 2%   The quantity demanded remains the same

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter6: Elasticities
Section: Chapter Questions
Problem 8P: If the elasticity of demand for hamburgers equals 21.5 and the quantity demanded equals 40,000,...
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If the elasticity of demand for college textbooks is -0.1, and the price of textbooks increases by 20%, how much will the quantity demanded change, and in what direction?

 

Question 1 options:

 

The quantity demanded increases by 2%

 

The quantity demanded decreases by 20%

 

The quantity demanded decreases by 2%

 

The quantity demanded remains the same

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