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Demand Elasticity
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The owner of a produce store found that when the price of a head of lettuce was raised from 50 cents to $1, the quantity sold per hour fell from 18 to 8. The arc elasticity of demand for lettuce is
-0.56
-1.15
-0.8
-1.57
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- BE, Bangalore University, India
- MS, University of Wisconsin-Madison
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