If the price elasticity of demand for good X is 3.2, and the original quantity demanded is 40. Then how much is the new quantity demanded if the price falls by 2%? A)6.4 B)6.4% C)26.6 D)42.56 E)80 F) none of the above.
If the price elasticity of demand for good X is 3.2, and the original quantity demanded is 40. Then how much is the new quantity demanded if the price falls by 2%? A)6.4 B)6.4% C)26.6 D)42.56 E)80 F) none of the above.
Chapter6: Elasticities
Section: Chapter Questions
Problem 5P
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Question
If the
A)6.4
B)6.4%
C)26.6
D)42.56
E)80
F) none of the above.
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