Question #194374

Suppose a 3 percent increase in the price of corn flakes causes a 6 percent decline in the

quantity demanded. What is the price elasticity of demand for corn flakes?


1
Expert's answer
2021-05-18T12:29:22-0400

Price Elasticity =%changeinQuantity%changeinPrice\frac { \% change in Quantity} {\% change in Price}


Price Elasticity =63=2\frac {6}{3} =2


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