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Moving along the demand curve, quantity demanded decreases 8 percent when price increases 10 percent .
a. The price elasticity of demand is calculated to be ____.
b. Given the price elasticity calculated in part a, demand is ____(elastic, inelastic, unitary elastic) along this portion of the demand curve.
c. For this interval of demand , the percentage change in quantity in absolute value is ____ (greater than, less than, equal to) the percentage change in price in absolute value.

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9480445

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