If the original price and quantity demanded are $1 and 100 respectively, and there is an increase in the price to $1.10 and the quantity demanded falls to 95, the price elasticity of demand is Question 25Answer a. -5 b. -50 c. 2 d. -0.5

If the original price and quantity demanded are $1 and 100 respectively, and there is an increase in the price to $1.10 and the quantity demanded falls to 95, the price elasticity of demand is Question 25Answer a. -5 b. -50 c. 2 d. -0.5

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 16SQ

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Question

If the original price and quantity demanded are $1 and 100 respectively, and there is an increase in the price to $1.10 and the quantity demanded falls to 95, the price elasticity of demand is

Question 25Answer

-5

-50

-0.5

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