The absolute value of the price elasticity of demand for telescopes is 1.5.Therefore, telescopes can be classified as a luxury.
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Q196: Suppose you have surveyed a few industries
Q197: Figure 6-9 Q198: Demand for a luxury item, such as Q199: The income elasticity of demand measures Q200: In September 2006, the Food and Drug Q202: Economists have estimated that the cross-price elasticity Q203: Economists estimated that the cross-price elasticity of Q204: Which of the following pairs of goods Q205: If the cross-price elasticity of demand for Q206: In order to prove that Motrin and
A)the responsiveness
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