Suppose that legalizing the use of heroin would decrease its price by 79 percent. If the price elasticity of demand for heroin is -2.50, what would be the percentage ncrease in the quantity of heroin demanded from legalizing heroin? percent. (Enter a numeric response using a real number rounded to two decimal places.) Suppose instead that the price elasticity of demand for heroin is -0.43. What would be the percentage increase in the quantity of heroin demanded from legalizing meroin? percent (enter your response rounded to two decimal places).
Suppose that legalizing the use of heroin would decrease its price by 79 percent. If the price elasticity of demand for heroin is -2.50, what would be the percentage ncrease in the quantity of heroin demanded from legalizing heroin? percent. (Enter a numeric response using a real number rounded to two decimal places.) Suppose instead that the price elasticity of demand for heroin is -0.43. What would be the percentage increase in the quantity of heroin demanded from legalizing meroin? percent (enter your response rounded to two decimal places).
Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 1.1P: (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of...
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