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In this question, the percentage change in quantity demanded is 10%, and the percentage change in price is 15%. So, the implied price elasticity of demand = 10% / 15% = 0.67.
When a 10% change in price leads to more than 10% change in quantity demanded we say demand is?perfectly elastic demand
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When the price of a product is raised by 10 percent the quantity demanded?a 10 percent increase in price will result in a 10 percent decrease in the quantity demanded.
When the price of a good increased by 10 percent the quantity demanded of it decreased by 2 percent?The demand for a good is inelastic if the percentage decrease in the quantity demanded is less than the percentage increase in its price. In this example, a 10 percent price rise brings a 2 percent decrease in the quantity demanded, so demand is inelastic.
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When the price of a product is increased 15% the quantity demanded decreases 10% we can therefore conclude that the demand for the product is?
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