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07-03-2024
Business

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Suppose that the price p of a product and its demand x are related through the price-demand equation x+400p=8,000. It can be shown that the elasticity of demand is elastic for 10. What is the interpretation?
A) A decrease in price will lead to a decrease in demand
B) A decrease in price will lead to an increase in demand
C) An increase in price will lead to a decrease in demand
D) An increase in price will lead to an increase in demand

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