If quantity demanded for sneakers falls by 6 percent when price increases 20 percent, we know that the absolute value of the own price elasticity of sneakers is multiple choice 0.7. 2.3. 0.3. 3.3.

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Abdullah Ch asked Nov 21, 2023

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If quantity demanded for sneakers falls by 6 percent when price increases 20 percent, we know that the absolute value of the own price elasticity of sneakers is multiple choice 0.7. 2.3. 0.3. 3.3.

Mathematics
high-school

Abdullah Ch asked Nov 21, 2023

by Abdullah Ch

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1 Answer

13 votes

Answer:

0.3

Explanation:

→ State formula

Δ Quantity demanded ÷ Δ Price

→ Substitute in the numbers

6 ÷ 20 = 0.3

Onan answered Nov 27, 2023

by Onan

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