Your neighbor Drew has come to you for advice. Drew found out he can either take a tax deduction of $8,000 or a tax credit of $8
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Answer:
The correct answer to the following question will be "3".
Explanation:
The given values are:
Percentage demand,
= 6% i.e., .06
Percentage change in the price,
= 2% i.e., .02
Now,
Own-price elasticity of demand will be:
=
On substituting the estimated values, we get
=
=