Suppose that legalizing the use of cocaine cocaine would decrease its price by 79 79 percent. If the price elasticity of demand for cocaine cocaine is - 3.00 3.00, what would be the percentage increase in the quantity of cocaine cocaine demanded from legalizing cocaine cocaine? nothing percent. (Enter a numeric response using a real number rounded to two decimal places.)

% change in quantity demanded= 237% or 2.37

Explanation:

Elasticity of demand is defined as the degree of responsiveness of changes in quantity demanded to changes in price of a commodity.

When there is an increase in price demand falls and vice versa. Price and quantity demanded of a product has inverse relationship.

In this scenario to calculate the percentage increase in quantity of cocaine demanded, use the formula

Elasticity= % change in quantity demanded/% change in price

-3= % change in quantity demanded/-79

Cross-multiply

% change in quantity demanded= -3* -79

% change in quantity demanded= 237%

Expressed as a real number it is 2.37

A decrease in price by 79% results in an increase in demand by 237%

c

explanation:

c because the item on a bank statement is also referred to as an account statement. in addition, it provides the beginning balance, ending balance, statement date, transaction date for each transaction, payee, customer name and address, statement period, the account holder's account number, and the bank's customer service number