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The price elasticity of demand for imported whiskey is estimated to be -0.20 over a wide interval of prices. The federal goverment decides to raise the import tariff on foreing whiskey, causing its price to raise by 20%. Will sales of whiskey rise or fall, and by what percentage amount?

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9481230

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