If the aim is to reduce consumption of butter by 10% and the price elasticity of butter is 0.5, then the price of butter needs to be increased by 20%....

If the aim is to reduce consumption of butter by 10% and the price elasticity of butter is 0.5, then the price of butter needs to be increased by 20%. This means a 1% change in quantity demanded leads to 0.5% change in price charged. TRUE/FALSE. Explanation.

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