Suppose that in a week the price of ground beef decreases from $5.00 to $4,00 per pound. At the same time, the quantity of ground beef demanded at a typical grocery store increases from 9.000 to 12.000 pounds per week. What is the price elasticity of demand for ground beef Instructions: Round your response to one decimal place.

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.