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  3. suppose that legalizing the use of cocaine would decrease its...

Question: suppose that legalizing the use of cocaine would decrease its...

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Suppose that legalizing the use of cocaine would decrease its price by 82 percent. If the price elasticity of demand for cocaine is -2.00, what would be the percentage increase in the quantity of cocaine demanded from legalizing cocaine? percent. (Enter a numeric response using a real number rounded to two decimal places.) Suppose instead that the price elasticity of demand for cocaine is -0.16. What would be the percentage increase in the quantity of cocaine demanded from legalizing cocaine? percent (enter your response rounded to two decimal places) The higher the absolute value of the price elasticity of demand for cocaine, the greater the increase in cocaine use that would result from legalization

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