Elasticity of demand for a representative firm

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Suppose you read in an industry publication that the Rothschild index for the petroleum industry is 0.88. Based on past experience, you know that the price elasticity of demand for the petroleum products sold by your firm is ?1.5. Based on this information, you know that the elasticity of demand for a representative firm in the petroleum industry is:

a) 1.32

b) 1.70

c) -0.587

d) -1.32

Reference no: EM13771045

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