3. When price of a commodity is Php 10 per unit, its demand is 100 units. When the price falls to Php 8 per unit, demand expands to 150 units. Calculate price elasticity of demand.
3. When price of a commodity is Php 10 per unit, its demand is 100 units. When the price falls to Php 8 per unit, demand expands to 150 units. Calculate price elasticity of demand.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section5.1: The Elasticity Of Demand
Problem 1QQ: Define the price elasticity of demand. Explain the relationship between total revenue and the price...
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