Suppose retailers discover that the elasticity of demand for heart medicine is -0.2. Suppose a shortage of a key ingredient increases the price of heart medicine by 15%. By what percentage should retailers expect sales of heart medicine to change? (Type your answer as a one or two digit number. Use a" sign if the answer is negative. Do not use a "+" sign or a "%" sign.)
Suppose retailers discover that the elasticity of demand for heart medicine is -0.2. Suppose a shortage of a key ingredient increases the price of heart medicine by 15%. By what percentage should retailers expect sales of heart medicine to change? (Type your answer as a one or two digit number. Use a" sign if the answer is negative. Do not use a "+" sign or a "%" sign.)
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 2SQP
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