Suppose that legalizing the use of marijuana would decrease its price by 92 percent. If the price elasticity of demand for marijuana is -2.75, what would be the percentage increase in the quantity of marijuana demanded from legalizing marijuana? percent. (Enter a numeric response using a real number rounded to two decimal places.) Suppose instead that the price elasticity of demand for marijuana is -0.17. What would be the percentage increase in the quantity of marijuana demanded from legalizing marijuana? percent (enter your response rounded to two decimal places). The higher the absolute value of the price elasticity of demand for marijuana, the the increase in marijuana use that would result from legalization.
Suppose that legalizing the use of marijuana would decrease its price by 92 percent. If the price elasticity of demand for marijuana is -2.75, what would be the percentage increase in the quantity of marijuana demanded from legalizing marijuana? percent. (Enter a numeric response using a real number rounded to two decimal places.) Suppose instead that the price elasticity of demand for marijuana is -0.17. What would be the percentage increase in the quantity of marijuana demanded from legalizing marijuana? percent (enter your response rounded to two decimal places). The higher the absolute value of the price elasticity of demand for marijuana, the the increase in marijuana use that would result from legalization.
Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 1.1P: (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of...
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Transcribed Image Text:Suppose that legalizing the use of marijuana would decrease its price by 92 percent. If the price elasticity of
demand for marijuana is -2.75, what would be the percentage increase in the quantity of marijuana demanded from
legalizing marijuana?
percent. (Enter a numeric response using a real number rounded to two decimal places.)
Suppose instead that the price elasticity of demand for marijuana is -0.17. What would be the percentage increase
in the quantity of marijuana demanded from legalizing marijuana?
decimal places).
percent (enter your response rounded to two
The higher the absolute value of the price elasticity of demand for marijuana, the
V the increase in
marijuana use that would result from legalization.
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