After a Drought in Alberta, the Availability of Water (The

question 46

Essay

After a drought in Alberta, the availability of water (the supply curve) declines by 30 percent. If the elasticity of demand for water equals 0.75, by how much would the price of water have to rise in order for quantity demanded to equal the quantity of water available? (Assume that the supply curve for water is perfectly inelastic.)

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