Manufacturing technology results in an expansion in supply

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Reference no: EM13861794

Suppose a new manufacturing technology results in an expansion in the supply of golf balls in the United States of 15%. If the elasticity of demand of golf balls sold in the U.S. is -0.4, the new equilibrium price will be

A. 0.375% lower

B. 16% lower

C. 37.5% higher

D. 37.5% lower

Reference no: EM13861794

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