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Suppose that a 2% increase in price results in a 6% decrease in quantity demanded. Own-price elasticity of demand is equal to:

Suppose that a 2% increase in price results in a 6% decrease in quantity demanded. Own-price elasticity of demand is equal to:
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1 vote
Suppose that a 2% increase in price results in a 6% decrease in quantity demanded. Own-price elasticity of demand is equal to:

User Mehdi Nellen
by
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1 Answer

3 votes

Answer:

-3

Step-by-step explanation:

PED= change in quantity demanded /change in price

User GONeale
by
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