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Recommended textbook solutions Principles of Economics8th EditionN. Gregory Mankiw 1,333 solutions Krugman's Economics for AP2nd EditionDavid Anderson, Margaret Ray 1,042 solutions Macroeconomics for AP2nd EditionDavid Anderson, Margaret Ray 608 solutions Principles of Macroeconomics6th EditionN. Gregory Mankiw 436 solutions When the price of a product is increased 10 percent the quantity demanded decreases 20 percent?Well, if the percent change in the quantity demanded is greater than the percent change in the price, economists label the demand for the good as elastic. For example, if the price of a good increases by 10 percent and the quantity demanded of that good decreases by 20 percent, that good is said to have elastic demand.
When price increases by 10% and demand decrease by 15% What will be the price elasticity of demand?Answer and Explanation:
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.
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When the price of a product is increased by 10% the quantity demanded decreases 15% in this range of prices demand for this product is?
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