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Interpret the price elasticity of demand for alcohol

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Reference no: EM133077288

Calculate and interpret the price elasticity of demand for alcohol, using the point 1 elasticity formula

Starting price = $ 100 Starting quantity demanded = 35

Final price = $ 200 Final quantity demanded = 25

From the previous result, what happens to the total income of the producer? Explain your answer in detail.

Reference no: EM133077288

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