Name: _______________________________Unit 7 Percent Test ...
, percent decrease in the cereal's price?-25% +25%-1% +1%. 5%. Reason: The 5%, percent decrease in price will cause quantity demanded to increase by 5 times more than the change in price (since the elasticity coefficient is -5). This means quantity demanded increases by 25%. The table below contains the demand schedule for grapes. 6. ................
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