When a product is scarce, consumers are faced with conducting their own cost-benefit analysis; a product in high demand but low supply will likely be expensive. ... This means that a consumer should only purchase the product if they see a greater benefit from having the product than the cost associated with obtaining it.
<span>A fast-food restaurant decides to raise the price of its hamburgers. assume the firm is in a monopolistically competitive industry. what will happen to the demand for its hamburgers? When the fast-food restaurant raises the price of hamburgers, some customers may stay and pay the higher price because they want that specific brand of hamburgers, other may go elsewhere to find them cheaper.
When prices raise, some customers stay because they are attached to that specific company, others leave because they want a burger but for a lower price.
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Answer:
I'm sorry I looked it up but one site said 41 and another said 79
<u>Given:</u>
Elasticity of Demand = 2
Decrease in price = 1%
<u>To find:</u>
Change in quantity demanded
<u>Solution:</u>
The percentage change in quantity demanded is the mathematical product of the percentage change in price and elasticity of demand. This can be mathematically represented as,

Since, there is a decrease in price, the demand for the product will increase. Therefore, we can conclude that there will be 2% increase in quantity demanded
Answer:
am sorry plz write your question in English