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Determine the Price Elasticity of Demand for Commodity X,if a 15

Question 96

Essay

Determine the price elasticity of demand for commodity X,if a 15% increase in its price:
a)has no impact on its total expenditure.
b)reduces total expenditure.
c)increases total expenditure.

Correct Answer:

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a)If the 15% increase in price reduces q...

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