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What will be the impact on quantity demanded

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Problem 1: For a linear demand function with elasticity of -1.5 at price $5, the quantity demanded is 1000 units. If the price is increased to $5.5, what will be the impact on quantity demanded?

Group of answer choices

Option 1: quantity demanded will reduce to 950 units.

Option 2: quantity demanded will reduce to 650 units.

Option 3: quantity demanded will reduce to 850 units.

Option 4: quantity demanded will reduce to 750 units.

Reference no: EM132664797

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