Question

A consumer spends 1,000 on a good priced at 10 per unit. When its price falls by 20 per cent,
the consumer spends 800 on the good. Calculate the price elasticity of demand by the percentage
method​

Answer 1

Answer:

The evolution from agriculture to agribusiness has brought with it numerous benefits. These include reduced drudgery for laborers; the release of workers for nonagricultural endeavors; a better quality of food and fibers; a greater variety of products; improved nutrition; and increased mobility of people.