1th economics elasticity of demand solution
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Explanation:
- Price Elasticity of Demand Formula= Percentage change in quantity / Percentage change in price.
- Price Elasticity of Demand Formula= -15% ÷ 60%
- Price Elasticity of Demand Formula= -1/4 or -0.25.
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In economics, demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.[1] The relationship between price and quantity demanded is also known as the demand curve. Preferences which underlie demand, are influenced by cost, benefit, odds and other variables.
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