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)

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter6: Elasticities

Section: Chapter Questions

Problem 8P: If the elasticity of demand for hamburgers equals 21.5 and the quantity demanded equals 40,000,...

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