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Answer to Question #72665 in Other Economics for Daniela Pratt

Question #72665
Assume the price elasticity of demand for eggs in India is -0.75. Everything else equal, by what % would the price of eggs have to change to INCREASE egg consumption by 15%?
Expert's answer
If the price elasticity of demand for eggs in India is -0.75, then the price of eggs have to change by 15/0.75 = 20% to INCREASE egg consumption by 15%.

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