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Answer to Question #72045 in Microeconomics for Divine

Question #72045
If the value of the price elasticity of demand is 0.6 demand is said to be
1
Expert's answer
2017-12-21T09:21:07-0500
The price elasticity of demand is always negative. But in this case price elasticity of demand is positive, that`s why we can say that when price of good increases then quantity of goods also increases. It is possible when this good is Giffen good.

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