Answer:
Ep=1.67
Elastic Demand
and a decrease in price from $200 to $160 results in an increase in total revenue
Step-by-step explanation:
Ep=(% change in qty/% change in price*100)
(160-120/120)*100=33.3%
(160-200/200)*100= - 20%
Therefore
33.3/-20= /-1.67/
Take the absolute value
Ep=1.67