bigblow
25.02.2021 •
Social Studies
T is estimated that if the price of a bar of chocolate is changed by 4%, demand will alter by 6%. * a. Calculate the price elasticity of demand of this bar of chocolate
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Ответ:
Price elasticity of demand = 0.67
Explanation:
Given the following data;
Percentage change in price = 4%
Percentage change in demand = 6%
To find the price elasticity of demand;
A price elasticity of demand can be defined as a measure of the responsiveness of the quantity of a product demanded with respect to a change in price of the product, all things being equal.
Mathematically, the price elasticity of demand is given by the formula;
Substituting into the equation, we have;
Price elasticity of demand = 0.67
Ответ:
D. mausoleum is the correct answer out of these options