Economics 103 ETSU Economics Questions
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pleas answer all questions carefully.
1) Is the following statement true or false? Explain.
The own price elasticity is constant for linear demand.
2) Suppose you are a consultant for a Detroit Ford dealer. Let the market price be at $25,000 for a Ford Taurus. If the dealer has a stock of unsold 2020 Ford Taurus, and you know that the elasticity of demand for this dealer's cars is –1.5, would you recommend any change in price? Why?
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