Answer to Question #123359 in Microeconomics for Jam Zubair Ahmad

Question

The price elasticity of demand for chicken is estimated to be -0.45. If the price of chicken
Increased by 08 percent, what will be the expected percentage decrease in the quantity of
chicken sold.

Answer 1

$\%\backslash Delta=$ %$\Delta Q=Ep ($%$\Delta$ $p)$$=-0.45(8)=-3.6$ %$\%$ $\%\backslash Delta$