Suppose the price elasticity of demand for a good is -0 2 If there is a 5% increase in - Economics - Production and Costs

Question

Suppose the price elasticity of demand for a good is -0 2 If there
is a 5% increase in the price of the good, by what percentage will
the demand for the good go down?

Komal Rani · Accepted Answer

Dear Student

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Regards

Suppose the price elasticity of demand for a good is -0.2. If there is a 5% increase in the price of the good, by what percentage will the demand for the good go down?