Elucidate in detail interrelationships between economic fact

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Q. If a price increase from $5 to $8 causes quantity demanded to fall from 150 to 100, what is the absolute value of the own-price elasticity at a price of $8?

Q. Elucidate in detail the interrelationships between economic facts, theory, and policy. Critically evaluate this statement: "The trouble with economics is that it is not practical. It has too much to say about facts."

Reference no: EM1364129

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