If an increase in the price of a product from $1 to $2 per unit leads to a decrease in the quantity demanded from 100 to 80 units. What can be concluded about price elasticity of demand for the product? It is elastic. It is equal to -20. It is inelastic. It is unit elastic. А. В. С. D.
If an increase in the price of a product from $1 to $2 per unit leads to a decrease in the quantity demanded from 100 to 80 units. What can be concluded about price elasticity of demand for the product? It is elastic. It is equal to -20. It is inelastic. It is unit elastic. А. В. С. D.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 2CQQ: The price of a good rises from 8 to 12, and the quantity demanded falls from 110 to 90 units....
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