As a result of 25% increase in price ,price elasticity of demand remained unity.Find the percentage change in quantity demand?
ed = % change in demand / %change in price
1 = %change in demand / 25%
==> 25% = %change in demand
As a result of 25% increase in price ,price elasticity of demand remained unity.Find the percentage change in quantity demand?
ed = % change in demand / %change in price
1 = %change in demand / 25%
==> 25% = %change in demand