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Answer to Question #68137 in Microeconomics for Lucy

Question #68137
If the demand for potatoes is inelastic, a 4% increase in the price of potatoes will:

a. decrease the quantity of potatoes by more than 4%
b. decrease the quantity of potatoes by less than 4%
c. increase the quantity of potatoes by less that 4%
d. increase the quantity of potatoes by more than 4%
1
Expert's answer
2017-05-09T09:08:09-0400
Answer : b
Ed < -1

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