The point price elasticity of demand is -1/2. The price of the product
The point price elasticity of demand is -1/2. The price of the product increases from $1.00 to $1.10. Given the information in Scenario 4.3, the quantity demanded will decrease by approximately:
A) 5 units.
B) 5 percent.
C) 10 units.
D) 10 percent.
E) none of the above
ANSWER
B
Expert paper writers are just a few clicks away
Place an order in 3 easy steps. Takes less than 5 mins.