question archive When the price of a certain chemical was $8 per pound, customers in this area were willing to buy 400 pounds per day
When the price of a certain chemical was $8 per pound, customers in this area were willing to buy 400 pounds per day
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When the price of a certain chemical was $8 per pound, customers in this area were willing to buy 400 pounds per day. Now that the price has risen to $12 per pound, they are only willing to buy 230 per day. Estimate the price elasticity of demand in this area for this chemical to at least two decimal places.
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