Ghose and Han (2014) found that the elasticity of demand for Google Play apps is -3.7. This elasticity applies to a small college town where approximately 1,000 apps per month are sold. If price rises by 7%, what would be the effect on quantity demanded? The quantity demanded will by percent. (Enter your response rounded to one decimal place.)

Ghose and Han (2014) found that the elasticity of demand for Google Play apps is -3.7. This elasticity applies to a small college town where approximately 1,000 apps per month are sold. If price rises by 7%, what would be the effect on quantity demanded? The quantity demanded will by percent. (Enter your response rounded to one decimal place.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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