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%

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