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the price of a product increases from R5 to R7 and the quantitality demanded decreases from 3000 to 1000 units, the price elasticity demanded will be a. 0.9 b. 2.2 c. 1.67 d. 0.5

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter6: Elasticities

Section: Chapter Questions

Problem 17P

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Question

if the price of a product increases from R5 to R7 and the quantitality demanded decreases from 3000 to 1000 units, the price elasticity demanded will be

a. 0.9

b. 2.2

c. 1.67

d. 0.5

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