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Understanding of price elasticity of demand

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If you owned a business, how will you apply your understanding of price elasticity of demand in your pricing policy? Use a numerical example in your answer. 2 Marks b. The Western Australian government is thinking of setting a minimum price on alcohol in order to minimise the risk of alcohol related illness. Graphically represent and explain the possible impact of the government decision on the market for alcohol.

Reference no: EM132113463

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