The price of product A was reduced from PhP100 to PhP80 pesos and, as a result, the quantity demanded has increased from 50 to 70 units. The price elasticity of demand is equal to _________ which is _____( inelastic, elastic, unit elastic).

The price of product A was reduced from PhP100 to PhP80 pesos and, as a result, the quantity demanded has increased from 50 to 70 units. The price elasticity of demand is equal to _____ which is _( inelastic, elastic, unit elastic).

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 14SQ

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