Multiple Choice
Suppose you are the manager of a local water company, and you are instructed to get consumers to reduce their water consumption by 10 percent. If the price elasticity of demand for water is 0.25, by how much would you have to raise the price of water?
A) 10 percent
B) 25 percent
C) 40 percent
D) 100 percent
Correct Answer:
Verified
Correct Answer:
Verified
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