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Business, 11.02.2020 19:52 heathhm623

If the elasticity of demand for spring break packages to Cancun is -5, and if you notice that this year in Cancun the quantity of packages demanded increased by 10%, then what happened to the price of Cancun vacation packages? *

a. The price fell by 10 percent
b. The price fell by 2 percent
c. The price increased by 2 percent
d. The price remained the same

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