11. Which of the following might cause the own price elasticity of demand for product Z to go from .75 to 1.25.
- A decrease in the manufacturing cost of Z.
- The introduction of a new product that is considered a close substitute
- An improvement in the manufacturing technology for Z.
- More firms begin producing product Z.
- A change in consumer tastes that causes consumers to feel that
consuming Z is an important enhancement to their image.
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