Question #234289
The price elasticity of demand of colour tv is estimated to be -2.5. If the price of colour Tv are reduced by 20%, how much percentage increase in the quantity of colour tv sold?
1
Expert's answer
2021-09-07T19:21:35-0400

Percentage increase in quantity of colour tv sold=2.5×20=50= 2.5×20=50%



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