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Suppose 1,000 items of a product are sold at a price of $10 each. When the...

Suppose 1,000 items of a product are sold at a price of $10 each. When the price of the product is reduced by $2, the number sold increases to 1,100. What is the price elasticity of demand for this product?

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Answer #1

elasticity of demand = 4.00- 1000 [1,100 +1000)/2 2-10 (2+10)/2 100 1050 - 8 10046 10501-8) - - 0.07

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