Question

Using the formula

Price Elasticity of Demand = -(Percent Change in Quantity)
Percent Change in Price
Where Percent Change = New - Old
Old
times 100
Calculate the price elasticity of demand for chocolate bars if the price goes
from 200 Bz to 240 Bz, causing you to change your weekly consumption
from 8 bars per week to 5.

Answer 1

Price elasticity = -2.5385

Step-by-step explanation:

This means that an increase in the price has a negative impact in the quantity of the products demanded.