suppose the increase of 37% in prices resulted in quantity demanded falling by 2%, calculate the price elasticity of dem
Posted: Sun Jun 05, 2022 12:03 pm
suppose the increase of 37% in prices resulted in quantity
demanded falling by 2%, calculate the price elasticity of demand
and interpret your result. Percentage change in quantity/percentage
change in price 2/37=0.05 The amount smaller than one, showing that
the demand is inelastic.
demanded falling by 2%, calculate the price elasticity of demand
and interpret your result. Percentage change in quantity/percentage
change in price 2/37=0.05 The amount smaller than one, showing that
the demand is inelastic.