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Price Elasticity of Demand on a Graph
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Price Elasticity of Demand on a Graph
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4. Elasticity / Price Elasticity of Demand on a Graph / Problem 3
Problem 3
If the price of beef increases by 10% and the quantity demanded decreases by 20%, what type of demand does beef have?
A
Unit elastic demand
B
Inelastic demand
C
Perfectly inelastic demand
D
Elastic demand
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