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Economics

Answered

Aling Esperanza heard that the price of a kilo of rice has reached ₱45. To save money, he buys 10 kilos of it. The following week, he went to the market and there he found out that the price of rice had increased to ₱48 per kilo. As a result, he only bought nine kilos. Find the percentage change in the demand for rice.formula: Ed = (Q1 – Q2) / (Q1 + Q2)/
(P1 – P2) / (P1 + P2)

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