If an 11 per cent increase in the price of Kellogg's cereal causes a 12 per...
If an 11 per cent increase in the price of Kellogg's cereal causes a 12 per cent reduction in the number of boxes of cereal demanded, what is the price elasticity of demand for Kellogg's cereal? nothing (Enter a numeric response using a real number rounded to two decimal places.)
The demand for Kellogg's cereal is; Unit-elastic, inelastic or elastic? .
Homework Answers
Note that price elasticity of demand for Kellogg's cereal = % change in the quantity demanded or sales / % change in the price
= -12% / 11%
= -1.09
Hence, price elasticity of demand for Kellogg's cereal is -1.09
The demand is elastic because the value of elasticity in absolute terms is greater than 1.
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