As the price for a particular product changes, the quantity of the product demanded changes according to the following schedule:
100
$50
150
45
200
40
225
35
230
30
232
25
The price elasticity of demand for this product when the price decreases from $50 to $45 is:
10.00
0.10
0.20
5.00
Choice "D" is correct. Price elasticity of demand is defined as the percentage change in quantity demanded resulting from a 1 percent change in price.Here: Where:Q2 - New Quantity DemandedQ1 P2 - New PriceP1An ep > 1.0 is relatively elastic demand.
Q2 - New Quantity Demanded
Q1
P2 - New Price
P1
An ep > 1.0 is relatively elastic demand.
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