Will sales of whiskey increase or decrease also by what, Ask an Expert

Economics

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?

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9203144

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