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April 24, 2014

Homework Help: economics

Posted by Anonymous on Thursday, August 5, 2010 at 8:22pm.

The price elasticity of demand for imported whiskey is estimated to be -0.20 over a wide interval of prices. The federal government decides to raise the import tariff on foreign whiskey, causing its price to rise by 20 percent. Will sales of whiskey rise or fall, and by what percentage amount?

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