Assume that you are working for a refridgerator producer and have results from a statistical study on the aggregate demand for refrigerator (lumping together all brands)

Business Sep 17, 2020

Assume that you are working for a refridgerator producer and have results from a statistical study on the aggregate demand for refrigerator (lumping together all brands)."
Q1: The town-price elasticity for refrigerators is -0.5. If prices fall by 10 percent, by how much do we expect demand to change?