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What is assumed about consumer income

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Reference no: EM132471414

Observation Price Quantity   

A $4.00 16

B $6.00 10

Calculate a price elasticity of demand.

Given the elasticity of demand, a 10% increase in price will cause quantity demanded to fall by what percentage? Why?

Is this demand elastic or inelastic? Why?

What is assumed about consumer income when you measure price elasticity of demand?

Reference no: EM132471414

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