% Change In Quantity Elasticity -0

Economics Aug 06, 2020

% Change In Quantity Elasticity -0.25 -1 Fill in the missing space a. % Change In Price Demand for the a. Apple iWatch A.1 B.4 C.2 D. 0.25

Expert Solution

Answer - D. 0.25

% Change in Quantity = -0.25

Elasticity = -1

Find out (a) % change in price.

The elasticity is ONE means, the demand is unitary elastic. It otherwise means the percentage change in the price just equals to the percentage change in the quantity demanded.

Therefore, the answer will be D. 0.25

As the price and quantity demanded is inversely related, with a fall in the price the quantity demanded rises being other things remains constant, the answer will be in negative.

Archived Solution

Unlocked Solution

You have full access to this solution. To save a copy with all formatting and attachments, use the button below.

Already a member? Sign In

Important Note: This solution is from our archive and has been purchased by others. Submitting it as-is may trigger plagiarism detection. Use it for reference only.

For ready-to-submit work, please order a fresh solution below.

Or get 100% fresh solution

Get Custom Quote