Suppose, the price of a product decreased from R.O 20 to 17. As a result, the products demand increased from 100 to 180 units. Determine the price elasticity of demand for the product. a. 3.55 b. 5.33 c. 2.88 d. 4.66
Suppose, the price of a product decreased from R.O 20 to 17. As a result, the products demand increased from 100 to 180 units. Determine the price elasticity of demand for the product. a. 3.55 b. 5.33 c. 2.88 d. 4.66
Chapter6: Elasticities
Section: Chapter Questions
Problem 17P
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Suppose, the price of a product decreased from R.O 20 to 17. As a result, the products demand increased from 100 to 180 units. Determine the price elasticity of demand for the product.
a.
3.55
b.
5.33
c.
2.88
d.
4.66
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