If the absolute price elasticity of demand is 1.2, what effect will a decrease of 10...
If the absolute price elasticity of demand is 1.2, what effect will a decrease of 10 percent in price have on quantity demanded? The quantity demanded will ________ (increase or decrease) by ______ percent. (Enter your response as a positive value rounded to the nearest whole number.)
Homework Answers
The quantity demanded will increase by 12 percent.
Explanation :
Price elasticity of demand =percentage change in quantity demanded /percentage change in price
1.2=percentage change in quantity demanded /10
1.2*10=percentage change in quantity demanded.
12=percentage change in quantity demanded
According to law of demand, when price decreases, quantity demanded for good increases.
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