(Answered) 1if a 3-percent increase in the price of corn flakes causes

Economics

1.If a 3-percent increase in the price of corn flakes causes a 6-percent decline in the quantity demanded, what is the elasticity of demand?

2.Explain the difference between shift in the supply curve and a movement along the supply curve.

3.Explain w y for many goods, the long-run price elasticity of supply is larger than the short-run elasticity.

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