Question #341534

In the early 1970's the price of oil in the country rose by 176% and the quantity demanded fell by 25 %. What conclusion can you make about its demand?


1
Expert's answer
2022-05-16T13:40:00-0400

EOD=1+1.761+0.25=0.16.EOD=\frac{1+1.76}{1+0.25}=0.16.


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