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Price Elasticity of Demand of Whiskey

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

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M925759

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