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Question: in year 2018 price of a 750 ml bottle of...

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In year 2018 price of a (750 ml.) bottle of Port made by Taylor Fladgate of Portugal was €30.00. 100 (thousand) bottles were sold. It was estimated that the own price elasticity of demand for port of that vintage was -1.2. Assuming a straight line demand curve, determine the demand equation for Taylor’s port. Show and explain all your calculations.

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