Register
Explain what is meant by a price elasticity of demand value of -1.06 for recreation, with reference to why it is negative
433,635 views
20 votes
20 votes
Explain what is meant by a price elasticity of demand value of -1.06 for recreation, with reference to why it is negative

User Antonius Common
by
2.7k points

1 Answer

18 votes
18 votes

Step-by-step explanation:

What Does a Price Elasticity of 1.5 Mean? If the price elasticity is equal to 1.5, it means that the quantity demanded for a product has increased 15% in response to a 10% reduction in price (15% / 10% = 1.5).

User Qualbeen
by
2.7k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers

Other Questions

Soon after a volcano becomes an island, coral reefs start growing around its edges. These reefs are called a. barrier reefs b. fringing reefs c. artificial reefs
The powers of the federal government are A. explained in the Constitution. B. decided by the states. C. protected in the Bill of Rights. D. shared by state governments.
The department that oversees the application of antitrust laws and environmental and civil rights issues and runs the Federal Bureau of Investigation and the Drug Enforcement Administration is the _____.
What two developments changed life in preindustrial societies?
6.4 List two issues in sports that can disturb the implementation of nation-building​
Link Copied!