Question

If the quantity demanded of a good is denoted by Q and the price for the good is denoted P, the formula for the price elasticity of demand for that good is:

1. %change P divided by % change Q

2, change Q divided by change P

3. %change Q divided by % change P

4. change P divided by change Q

5. (%P*%Q)/(P*Q)

Answer 1

OPTION 3

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