How much do consumers spend when the quantity is 5 and the price is $8.50.
Spending= price*quantity
Price: (8.50)
Quantity: 5
Total spending= 8.50*5
= 42.5
Hence , consumer spends $ 42.5
How much do consumers spend when the quantity is 5 and the price is $8.50.
How do we measure how much consumers alter their purchases in response to a price change? Why is the concept of elasticity useful to a business? What benefit can a business derive from an understanding of elastic?
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