If the demand for apples is elastic, then a 5 percent increase in the price of apples will result in

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04-03-2022
Business

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If the demand for apples is elastic, then a 5 percent increase in the price of apples will result in

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depresedsunflower depresedsunflower · Answer 1 · 2022-03-04T18:44:44+01:00

depresedsunflower depresedsunflower

04-03-2022

Answer:

If the price elasticity of demand for apples is 0.6, then a 5.0% increase in the price of apples will decrease the quantity demanded of apples by 3.0%, and apples sellers' total revenue will increase as a result.

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