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The price elasticity of demand for Stork ice cream is -4. Suppose you're told that following a price increase, quantity demanded fell by 10 percent. What was the percentage change that brought about this change in quantity demanded?
a. 40%
b. 25%
c. 2.5%
d. .04%
The rate that does aggregate output, aggregate investment, aggregate consumption as well as per- capita income grow in this steady state.
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Medium household income in County C is $54,021. Medium household income in Country D is $28,739. In County C, 17.4 percent of residents smoke. In County D, 28.4 percent of residents smoke. What is the arc income elasticity of demand for tobacco use?
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