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QUESTION
use economics terms: explain in a lot detail Economic Reasoning ActivityMiguel owns a sweater store.
use economics terms: explain in a lot detail
Economic Reasoning Activity
Miguel owns a sweater store.
He notices that when the prices of a sweater decrease by 5%, the quantity demanded increases by 7%. If Miguel decreases his prices by another 5%, will this result in another 7% increase (no more and no less) in quantity demanded? Use economic reasoning in your explanation.
