Calculating price elasticity of demandnbspsuppose that 60, Microeconomics

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Calculating price elasticity of demandnbspsuppose that 60

(Calculating Price Elasticity of Demand) Suppose that 60 units of a good are demanded at a price of $6 per unit. A reduction in price of $0.70 results in an increase in quantity demanded 75 to units. Show that these data yield a price elasticity of ____. By what percentage would a 7 percent rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve?

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Microeconomics: Calculating price elasticity of demandnbspsuppose that 60

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