When the price of kittens was $20 each, the pet shop sold 20 per month. When they raised the price to $30 each, they sold 14 per month. What is the elasticity of demand for kittens? Question 23 options: 1.66 0.94 1.36 0.66

When the price of kittens was $20 each, the pet shop sold 20 per month. When they raised the price to $30 each, they sold 14 per month. What is the elasticity of demand for kittens? Question 23 options: 1.66 0.94 1.36 0.66

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter3: Demand Analysis

Section: Chapter Questions

Problem 2E: The price elasticity of demand for personal computers is estimated to be 2.2. If the price of...

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Question

When the price of kittens was $20 each, the pet shop sold 20 per month. When they raised the price to $30 each, they sold 14 per month. What is the elasticity of demand for kittens?

Question 23 options:

	1.66
	0.94
	1.36
	0.66

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