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Question:

Suppose the price elasticity of demand for a good is – 0.2. How will the expenditure on the good be affected if there is a 10 % increase in the price of the good?

Answer:

Price elasticity of demand = -0.2
Percentage increase in price = 10%
e d=
0.2=
-2 = percentage change in demand Thus, percentage decrease in demand is less than the percentage increase in price. This means that when price increases and


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