Suppose you are given the following data on demand for a product. The price elasticity of demand when price decreases from R9 to R7 is: Price (R) 10 6 8 7 6 a) 0.63. b) 1.16. c) 1.60. d) 2.27. Quantity demanded 30 40 50 60 70 70

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Suppose you are given the following data on demand for a product. The price elasticity of demand when price
decreases from R9 to R7 is:
Price (R)
10
6
8
7
6
a) 0.63.
b) 1.16.
c) 1.60.
d) 2.27.
Quantity demanded
30
40
50
60
70
70
Transcribed Image Text:Suppose you are given the following data on demand for a product. The price elasticity of demand when price decreases from R9 to R7 is: Price (R) 10 6 8 7 6 a) 0.63. b) 1.16. c) 1.60. d) 2.27. Quantity demanded 30 40 50 60 70 70
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