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Along a downward-sloping linear demand curve

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1. Why is a more narrowly defined good (pizza) likely to have a greater elasticity of demand than a more broadly  defined good (food)?

2. If the elasticity of demand for hamburgers equals _1.5 and the quantity demanded equals 40,000, predict what will happen to the quantity demanded of hamburgers when the price increases by 10 percent. If the price falls by 5   percent, what will happen?

3..Evaluate the following statement: Along a downward-sloping linear demand curve, the slope and therefore the elasticity of demand are both

Reference no: EM13339489

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