Question

Calculate price elasticity of demand from the follow duta
Pia 15
Q1 = 10000 units
P2 = 20
Q2 8000 units​

Answer 1

Answer:

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Answer 2

Answer:

Price Elasticity of Demand will be 0.60.

Explanation:

Price Elasticity of Demand=

$change \: in \: quantity \div change \: in \: price \times original \: price \div original \: quantity$

Change in quantity=Q2-Q1=8000-10000

=-2000.

Change in price=P1-P2=15-20=-5.

Price Elasticity of Demand=-2000/-5×15/10000=3/5=0.60.