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Suppose the Price Elasticity of Demand of for Soy Beans

question 25

Multiple Choice

Suppose the price elasticity of demand of for soy beans is 0.85.When the price of soybeans rises by 20 percent,the quantity demanded of soybeans falls by approximately _____________ percent.


Definitions:

Expand

To simplify an expression or equation by multiplying out brackets and combining like terms.

Special Product Formula

Mathematical formulas that provide shortcuts for multiplying certain types of polynomials.

Special Product Pattern

Patterns used in algebra to recognize products of binomials that can simplify multiplication and factoring tasks.

Closed Rectangular Box

A three-dimensional shape bounded by six rectangular faces, where all interior angles are right angles, and it is completely enclosed.

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