price elasticity of demand

Survey Of Economics
10th Edition
ISBN:9781337111522
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 5SQP: Suppose a university raises its tuition from 3,000 to 3,500. As a result, student enrollment falls...
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If the price of milk increases by 20% and the quantity of demand for milk decreases by 4%,

answer: Find the price elasticity of demand. Is the demand elastic, inelastic, or unit? Explain your answer.

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