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Answer to Question #220781 in Microeconomics for Emingard

Question #220781

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

1
Expert's answer
2021-07-27T12:58:01-0400

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

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

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