9. When the price of BMW car rises from P1= $15,000 to P2- $18,000, one third of the customers decide to get Mercedes instead of BMW. The Price elasticity of demand for BMW as price increases from P1 to P2 equals: * None of the options. O 1.83 O 1.66 0.54

9. When the price of BMW car rises from P1= $15,000 to P2- $18,000, one third of the customers decide to get Mercedes instead of BMW. The Price elasticity of demand for BMW as price increases from P1 to P2 equals: * None of the options. O 1.83 O 1.66 0.54

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 17SQ

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Question

9. When the price of BMW car rises from P1= $15,000 to P2= $18,000, one third
of the customers decide to get Mercedes instead of BMW. The Price elasticity of
demand for BMW as price increases from P1 to P2 equals:
O None of the options.
O 1.83
1.66
0.54

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