When rain ruined the banana crop in Central America, the price of bananas rose from $1 to
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When rain ruined the banana crop in Central America, the price of bananas rose from $1 to $2 a pound. Growers sold fewer bananas, but their total revenue was unchanged. By what percentage did the quantity demanded of bananas change? Is the demand for bananas elastic, unit elastic, or inelastic?
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Because the total revenue did not change the percentage change in bananas demanded equals th...View the full answer
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