If the price elasticity of demand for Omo washing powder is 3.0, a ________ drop in price leads to a __________ rise in the quantity demanded.
A. R1 000; 333-unit
B. R1 000; 3000-unit
C. 12 per cent; 36 per cent
D. 12 per cent; 4 per cent
1
Expert's answer
2021-07-25T16:22:49-0400
If the price elasticity of demand for Omo washing powder is 3.0, a 12 percent drop in price leads to a 36 percent rise in the quantity demanded. Therefore, the correct answer is (C).
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