Question

when price increase by 10% and demand decrease by 15%, what will be the price elasticity of demand​

Answer 1

Explanation:

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Answer 2

Explanation:

When we are talking aboud the demand of a product, the price and the quantity will always move in different directions. This means that the 0.75 is the absolute value of the elasticity, which is actually -0.75 in your example.

When we are talking aboud the demand of a product, the price and the quantity will always move in different directions. This means that the 0.75 is the absolute value of the elasticity, which is actually -0.75 in your example.Now considering a 10% price decrease:

When we are talking aboud the demand of a product, the price and the quantity will always move in different directions. This means that the 0.75 is the absolute value of the elasticity, which is actually -0.75 in your example.Now considering a 10% price decrease:E(d) = (%Change in Q/%Change in P)*100

When we are talking aboud the demand of a product, the price and the quantity will always move in different directions. This means that the 0.75 is the absolute value of the elasticity, which is actually -0.75 in your example.Now considering a 10% price decrease:E(d) = (%Change in Q/%Change in P)*100Solving as the % Change in Q the result will be a 7.5% increase in the quantity demanded.

When we are talking aboud the demand of a product, the price and the quantity will always move in different directions. This means that the 0.75 is the absolute value of the elasticity, which is actually -0.75 in your example.Now considering a 10% price decrease:E(d) = (%Change in Q/%Change in P)*100Solving as the % Change in Q the result will be a 7.5% increase in the quantity demanded.The fact that the elasticity of demand is lower than 1 shows us that the demand is inelastic, meaning that a change in price will result in a smaller change in quantity.