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Suppose that when the price of milk rises 20%, the quantity demanded of milk falls 10%. Based on this information, what is the approximate absolute price elasticity of demand for milk

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Answer:

0.5

Explanation:

Calculation for what is the approximate absolute price elasticity of demand for milk

Using this formula

Price elasticity of demand=Quantity demanded/ Increase in price

Let plug in the formula

Price elasticity of demand=10%/20%

Price elasticity of demand=0.5

Therefore the approximate absolute price elasticity of demand for milk will be 0.5

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