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Author Question: What does the following statement imply about price elasticity of demand? "Consumers unfazed by 400 ... (Read 44 times)

markburs

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on: Oct 12, 2022
What does the following statement imply about price elasticity of demand? "Consumers unfazed by 400 percent increase in price of table salt-grocers see no change in sales!"
◦ Demand for salt is almost perfectly inelastic in the relevant price range.
◦ Elasticity of demand for salt is equal to one.
◦ Salt is too narrowly defined to determine price elasticity of demand.
◦ Salt is too broadly defined to determine price elasticity of demand.
◦ Demand for salt is elastic.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by markburs on Oct 12, 2022

MajorWaffle

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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markburs

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Reply 2 on: Oct 12, 2022
YES! Correct, THANKS for helping me on my review

Missbam101

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Reply 3 on: Yesterday
Excellent

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