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Question: the ownprice elasticity of demand for oranges is 45 if...

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The own-price elasticity of demand for oranges is -4.5. If the price of oranges decreases by 2%, what will happen to the quantity of oranges demanded?

a. It will rise 9%

b. It will rise 2.25%

c. It will fall 9%

d. It will fall 2.25%

SHOW ALL WORK; state your formula and insert the values given to arrive at your answer?

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