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Increase in the price of water for heavy users

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Nataraj found that a 100% increase in the price of water for heavy users in Santa Cruz, California, caused the quantity of water they demanded to fall by an average of 20%. (Before the increase heavy users initially paid $1.55 per unit, but afterward they paid $3.14 per unit.) In percentage terms, how much did their water expenditure (price times quantity) change?

Reference no: EM132456792

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