What can I say or do about this price elasticity of demand for apples?
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Suppose the price of apples rises from $3 a pound to $3.45 and your consumption of apples drops from 30 pounds of apples a month to 21 pounds of apples. Calculate your price elasticity of demand of apples.
After I have calculated the price of apples demand, how do I address a response?
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Solution Summary
This problem involves the fundamentals of price elasticity of demand
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