question archive When the price of lipstick rises 10%, the quantity of lipstick demanded falls 5%
When the price of lipstick rises 10%, the quantity of lipstick demanded falls 5%
Subject:EconomicsPrice:2.88 Bought3
When the price of lipstick rises 10%, the quantity of lipstick demanded falls 5%.
(a) What is the price elasticity of demand?
(b) Is revenue to the sellers of lipstick raised or lowered by the change?
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