Question

The price elasticity of demand for a good is -0.4 . If it's price increase by 5%by what percentage will its demand fall?​

Answer 1

For example, if the price of a good increases by 5 percent and the quantity demanded decreases by 5 percent, then the elasticity at the initial price and quantity is -5%/5% = -1. This number is likely to be reported simply as 1.

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