A researcher estimated that the price elasticity of demand for automobiles in the United States is -1.2,
Question:
a) If sales of domestically produced automobiles are 8 million this year, how many automobiles do you expect US automakers to sell next year?
b) By how much should domestic automakers increase the price of automobiles if they wish to increase sales by 5 percent next year?
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a We have the price elasticity of demand given by e d change in quantity demanded change in price We ...View the full answer
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