The price elasticity of demand for comic books has been estimated to be 0.6. If price increases
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Question:
The price elasticity of demand for comic books has been estimated to be 0.6. If price increases by 1% in a period, how will that affect quantity demanded for comic books in that period, all other things unchanged?
Quantity Demand will increase by more about 6%
Quantity Demand will decrease by about 6%
Quantity Demand will decrease by about 0.6%
Quantity Demand will increase by 60%
Quantity Demand will decrease by 60%
why isn't it decrease?
Related Book For
Macroeconomics Principles Applications And Tools
ISBN: 9780134089034
7th Edition
Authors: Arthur O Sullivan, Steven M. Sheffrin, Stephen J. Perez
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