In a local market, the monthly price of internet access service decreases from $20 per amount to $10 per account, and the total quantity of monthly accounts across all internet access providers increases from $100,000 to $200,000. What is the price elasticity of
Concept Introduction:
Price Elasticity of Demand: It measures the degree of responsiveness to change in quantity demanded due to change in its price. The formula for calculating elasticity of demand is:
Where,
P and Q = Initial Price and Quantity demanded.
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