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If Elasticity for a Product Is 2 and Demand Increases

Question 47

Multiple Choice

If elasticity for a product is 2 and demand increases by 10 percent,what was the percent price change for this product?

A) an increase of 2 percent
B) a decrease of 2 percent
C) an increase of 10 percent
D) a decrease of 5 percent
E) an increase of 5 percent

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