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Quantity of tires demanded to? change

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The? short-run price elasticity of demand for tires is 0.90. The? mid-point formula was used for this calculation. If an increase in the price of petroleum? (used in producing? tires) causes the market prices of tires to rise from ?$60 to ?$70?, by what percentage would you expect the quantity of tires demanded to? change?

Reference no: EM131523712

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