Will sale of whiskey increase or decrease at what percentage

Reference no: EM1327774

Price Elasticity of Demand of Whiskey

The price elasticity of demand for imported whiskey is estimated to be -0.20 over a wide interval of prices. The federal government decides to raise the import tariff on foreign whiskey, causing its price to rise by 20%. Will sales of whiskey rise or fall, and by what percentage amount?

Reference no: EM1327774

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