In November 2024
Answer to Question #318210 in Microeconomics for Andile Nkosi
2.a. When the price of café lattes rises from R15 to R20, the quantity demanded decreases from 2000 to 1200 café lattes per day. What is the price elasticity of demand for café lattes (using the arc formula)? (5 marks).
Arc price elasticity of demand is (1200-2000)/((1200+2000)/2)÷(20-15)/((20+15)/2)=-1.75
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