When the price increases by 30% and the quantity demanded drops by 10%, the price elasticity of demand is: quizet

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24-07-2020
Business

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When the price increases by 30% and the quantity demanded drops by 10%, the price elasticity of demand is: quizet

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ewomazinoade ewomazinoade · Answer 1 · 2020-07-26T03:06:53+02:00

Answer:

0.33 inelastic

Explanation:

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

Price elasticity of demand = percentage change in quantity demanded / percentage change in price

10% / 30% = 0.33

Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one .