5.2) A consumer spends R2000 monthly on Product A when its price is R2 and continues to spend R2000 monthly when its price increases to R2.50. Calculate the consumer’s price elasticity of demand. Show all your workings and explain your answer.
5.2) A consumer spends R2000 monthly on Product A when its price is R2 and continues to spend R2000 monthly when its price increases to R2.50. Calculate the consumer’s price elasticity of demand. Show all your workings and explain your answer.
Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 2.4P
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5.2) A consumer spends R2000 monthly on Product A when its price is R2 and continues to spend R2000 monthly when its price increases to R2.50. Calculate the consumer’s price
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