If this year's harvest is less than last year's by 10 percent, to sell all of the crop, how much does price have to change if the price elasticity of demand is 0.20? Instructions: Round your response to one decimal place. Price must rise by percent.

If this year's harvest is less than last year's by 10 percent, to sell all of the crop, how much does price have to change if the price elasticity of demand is 0.20? Instructions: Round your response to one decimal place. Price must rise by percent.

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter4: Supply And Demand: An Initial Look

Section: Chapter Questions

Problem 7DQ

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If this year's harvest is less than last year's by 10 percent, to sell all of the crop, how much does price have to change if the price
elasticity of demand is 0.20?
Instructions: Round your response to one decimal place.
Price must rise
by
percent.

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