Essay
If the estimated price elasticity of demand for foreign travel is 4, then:
A.a 20% decrease in the price of foreign travel will increase the quantity demanded by 80%.
B.the demand for foreign travel is inelastic.
C.a 10% increase in the price of foreign travel will increase the quantity demanded by 40%
D.a 20% increase in the price of foreign travel will increase the quantity demanded by 80%.
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