If the elasticity of demand is 3,then a 10 percent increase in price will cause quantity demanded to fall by 3 percent.

Name: If the elasticity of demand is 3,then a 10 percent increase in price will cause quantity demanded to fall by 3 percent.
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If the elasticity of demand is 3, then a 10 percent increase in price will cause quantity demanded to fall by 30 percent (3 times the percentage change in price).

If the Elasticity of Demand Is 3,then a 10 Percent