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the current price elasticity of demand for apples is -0.50, then what will be the change of sales (i.e. total revenue) after a 20% price increase? Please show your calculatio

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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If the current price elasticity of demand for apples is -0.50, then what will be the change of sales (i.e. total revenue) after a 20% price increase? Please show your calculation.

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