Multiple Choice
If the price elasticity of demand for a product is 2.5, then a price increase of 1.5 per cent decreases the quantity demanded by
A) 5.00 per cent.
B) 3.75 per cent.
C) 3.50 per cent.
D) 1.00 per cent.
E) 1.55 per cent.
Correct Answer:
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