A study of the consumption of beverages in Chile found that for soda a price increase of
Question:
A study of the consumption of beverages in Chile found that for soda “a price increase of 10% is associated with a reduction in consumption of 13.7%.” Given this information, calculate the price elasticity of demand for soda in Chile. Is demand price elastic or price inelastic? Briefly explain.
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Step by Step Answer:
To calculate the price elasticity of demand PED for soda in Chile you can use the following formula ...View the full answer
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