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.
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