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Quantity of soda pop sold sensitive

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We observe that when the price of soda pop rises by 10% the quantity demanded falls by 15%.

a. Is the quantity of soda pop sold sensitive or insensitive to the price? Explain.

b. If the government wants to reduce soda pop consumption by 25% in order to improve public health, how exactly would it have to change the price of this product?

Reference no: EM132499821

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