Question #220781

Elas table pens What is the price elasticity of demand for pens in the price range R19 to R17?  

Expert's answer

Price elasticity of demand tends to be %change in quantity demanded of service or good divided by % price change.

Pe=(Qd2−Qd1)Qd1(P2−P1)P1Pe = \frac{\frac{(Qd2-Qd1)}{Qd1}}{\frac{(P2-P1)}{P1}}

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