What would be percentage increase in the quantity of heroin

Reference no: EM132200230

Question: Suppose that legalizing the use of heroin would decrease its price by 78 percent. If the price elasticity of demand for heroin is 3.00, what would be the percentage increase in the quantity of heroin demanded from legalizing heroin? nothing percent. (Enter a numeric response using a real number rounded to two decimal places.) Suppose instead that the price elasticity of demand for heroin is 0.36. What would be the percentage increase in the quantity of heroin demanded from legalizing heroin? nothing percent (enter your response rounded to two decimal places). The higher the absolute value of the price elasticity of demand for heroin, the ¼ greater less the increase in heroin use that would result from legalization.

Reference no: EM132200230

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