Determine the price elasticity of demand if, in response to an increase in price of 10 percent, quantity demanded decreases by 20 percent.

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cocoabean188 cocoabean188

08-09-2017
Business

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Determine the price elasticity of demand if, in response to an increase in price of 10 percent, quantity demanded decreases by 20 percent.

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W0lf93 W0lf93 · Answer 1 · 2017-09-20T16:02:36+02:00

W0lf93 W0lf93

20-09-2017

The price elasticity of demand would be -2. When you divide the change in quantity demanded (-20%) by the change in price (10%), as is required to obtain the price elasticity of demand, you get this result.

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