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If a 15% Increase in Price for a Good Results

question 116

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If a 15% increase in price for a good results in a 20% decrease in quantity demanded,the price elasticity of demand is


Definitions:

EtherNet/IP

An industrial network protocol designed to adapt the Common Industrial Protocol to standard Ethernet.

Communications Network

A Communications Network is a system of interconnected electronic devices and technologies designed to facilitate communication and data exchange.

Protocol

A formal definition of criteria for receiving and transmitting data through communications channels.

DeviceNet

An open, low-cost network protocol used in industrial automation to interconnect control devices for data exchange.

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