Question

What is the most likely result when the price of a good with elastic demand is raised by 10 percent? the quantity sold will decrease by 15 percent. the quantity sold will increase by 10 percent. the quantity sold will decrease by 5 percent. the quantity sold will decrease by 10 percent?

Answer 1

the quantity sold will increase by 10 percent

Answer 2

The quantity sold will decreased by 15 percent