MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
11th Edition
ISBN: 9781264207718
Author: Colander
Publisher: MCG CUSTOM
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Chapter 6, Problem 2QE

A firm has just increased its price by 5 percent over last year’s price, and it found that quantity sold remained the same.

  1. a. What is its price elasticity of demand?
  2. b. How would you calculate it?
  3. c. What additional information would you search for before you did your calculation?
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Price Elasticity of Supply; Author: Economics Online;https://www.youtube.com/watch?v=4bDIm3j-7is;License: Standard youtube license