Answer to Question #326982 in Microeconomics for Lemuwani Gabara

Question #326982

When the price of a good increased by 50 percent, quantity demanded decreased by 100 percent. What is the absolute value of the price elasticity of demand?

Expert's answer

"PED=\\frac{-100}{50}=-2."

Learn more about our help with Assignments: Microeconomics

Comments

No comments. Be the first!

Leave a comment

Related Questions

1. *Production volume for product A was estimated at 1000 units.*Only 80% production was achieved.*Each
2. Use micro (and relevant macro) economic analysis to justify your decision of relocating your busines
3. To compute economic profits, which costs are used?
4. Distinguish between cardinal and ordinal approach and compare which approach is better to explain th
5. 1. An average worker in Brazil can produce an ounce of soybeans in 20 minutes and an ounce
6. how and briefly explains what happens to the supply curve, if: i. Productivity increases due to a ch
7. Suppose that the price of basketball tickets at your college is determined by market forces. Current

Who Can Help Me with My Assignment

There are three certainties in this world: Death, Taxes and Homework Assignments. No matter where you study, and no matter…
How to Finish Assignments When You Can’t

Crunch time is coming, deadlines need to be met, essays need to be submitted, and tests should be studied for.…
How to Effectively Study for a Math Test

Numbers and figures are an essential part of our world, necessary for almost everything we do every day. As important…