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Quantity demanded for the good increases

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Reference no: EM131338695

Suppose after a 3% decrease in the price of a good, the quantity demanded for the good increases by 2%. Then which of the following is true?

A. The price elasticity of demand is |E| = 0.67.

B. The price elasticity of demand is |E| = 1.5.

C. Total revenue decreases by 1%.

D. Only A and C. E. Only B and C.

Reference no: EM131338695

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