Problem
1. What is the price elasticity of demand?
2. The price of a good falls by 10 per cent but the quantity demanded increases from 100 to 120 units. Calculate the price elasticity of demand.
3. List four factors that influence elasticity.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.