A price elasticity of -1.5 means that we expect (approximately) the percentage change in quantity demanded to be 1.5 times the percentage change in price. Minus sign means when price goes up, quantity demanded goes down and vice versa. true/false

A price elasticity of -1.5 means that we expect (approximately) the percentage change in quantity demanded to be 1.5 times the percentage change in price. Minus sign means when price goes up, quantity demanded goes down and vice versa. true/false

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 2SQ

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