It Is Estimated That the Price Elasticity Coefficient for Farm

question 72

Multiple Choice

It is estimated that the price elasticity coefficient for farm products is 0.2. Therefore, in order for consumers to increase their purchases of farm products by 10 percent, the prices of these products would have to fall

• A)20 percent.
• B)40 percent.
• C)50 percent.
• D)80 percent.

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