Question

Suppose that the price of an ice cream cone increases from PRs. 60 to PRs. 80 and the amount you buy falls from 12 to 8 cones.
Requirements:
a. Calculate price elasticity of demand in Percentage
b. Interpret the answer
c. What type of elasticity is this i.e. perfectly elastic, perfectly inelastic, unitary elastic,
relatively elastic or relatively inelastic.

Answer 1

Answer:

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