Suppose that legalizing the use of marijuana would decrease its price by 92 percent. If the price elasticity of demand for marijuana is -2.75, what would be the percentage increase in the quantity of marijuana demanded from legalizing marijuana? percent. (Enter a numeric response using a real number rounded to two decimal places.) Suppose instead that the price elasticity of demand for marijuana is -0.17. What would be the percentage increase in the quantity of marijuana demanded from legalizing marijuana? percent (enter your response rounded to two decimal places). The higher the absolute value of the price elasticity of demand for marijuana, the the increase in marijuana use that would result from legalization.
Suppose that legalizing the use of marijuana would decrease its price by 92 percent. If the price elasticity of demand for marijuana is -2.75, what would be the percentage increase in the quantity of marijuana demanded from legalizing marijuana? percent. (Enter a numeric response using a real number rounded to two decimal places.) Suppose instead that the price elasticity of demand for marijuana is -0.17. What would be the percentage increase in the quantity of marijuana demanded from legalizing marijuana? percent (enter your response rounded to two decimal places). The higher the absolute value of the price elasticity of demand for marijuana, the the increase in marijuana use that would result from legalization.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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