the price of milk at the local grocery store is cut by 25%. in response to this price cut, the quantity of milk demanded increases by 10%. what is the absolute value of the price elasticity of demand for milk?

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10-12-2022
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the price of milk at the local grocery store is cut by 25%. in response to this price cut, the quantity of milk demanded increases by 10%. what is the absolute value of the price elasticity of demand for milk?

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Yogeshkumari Yogeshkumari · Answer 1 · 2022-12-16T12:03:04+01:00

For the price of milk at the local grocery store is cut by 25%. in response to this price cut, the quantity of milk demanded increases by 10%. The absolute value of the price elasticity of demand for milk will be 0.4.

A white liquid meal called milk is generated by animals' mammary glands. Before they can digest solid food, it is the main source of nourishment for young animals. Milk immunity is influenced by immune components and immune-modulating elements.

Colostrum, the milk produced during the first few months of breastfeeding, includes antibodies that boost the immune system and lower the chance of contracting several illnesses. Protein and lactose are two of the numerous nutrients found in milk. Between 750 and 900 million people live in homes that are dairy farmers, while more than six billion people throughout the world drink milk and milk products.

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