In New Hampshire, a group of maple syrup producers wants to raise the price of maple syrup by 10%. If the price elasticity of demand for maple syrup is 0.75 and the price elasticity of supply for maple syrup is 0, by how much should farmers reduce their maple syrup production to obtain the 10% price increase?
a) 13%
b) 15%
c) 10%
d) 7.5%

Question

17-06-2024
Business

Answered

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In New Hampshire, a group of maple syrup producers wants to raise the price of maple syrup by 10%. If the price elasticity of demand for maple syrup is 0.75 and the price elasticity of supply for maple syrup is 0, by how much should farmers reduce their maple syrup production to obtain the 10% price increase?
a) 13%
b) 15%
c) 10%
d) 7.5%

Sagot :

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