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Question
A producer knows that the price elasticity for his product is -0.5. He wants to increase quantity demanded by 30 percent. By what percentage does he need to change the price?
a. 10 percent
b. 6 percent
c. - 9.5 percent
d. - 60 percent
e. - 6 percent
Answer
This answer is hidden. It contains 77 characters.
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