The price of a good falls by 10 per cent but the quantity


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.

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Microeconomics: The price of a good falls by 10 per cent but the quantity
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