PRINCIPLES OF MACROECONOMICS(LOOSELEAF)
7th Edition
ISBN: 9781260110920
Author: Frank
Publisher: MCG
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Chapter 3, Problem 4RQ
To determine
Difference between change in demand and change in quantity demanded.
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You run a small business and would like to predict what will happen to the quantity demanded for your product if you raise your price. While you do not know the exact demand curve for your product, you do know that in the first year you charged $53 and sold 901 units and that in the second year you charged $42 and sold 1,186 units.
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PRINCIPLES OF MACROECONOMICS(LOOSELEAF)
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