9. When the price of BMW car rises from P1= $15,000 to P2- $18,000, one third of the customers decide to get Mercedes instead of BMW. The Price elasticity of demand for BMW as price increases from P1 to P2 equals: * None of the options. O 1.83 O 1.66 0.54

9. When the price of BMW car rises from P1= $15,000 to P2- $18,000, one third of the customers decide to get Mercedes instead of BMW. The Price elasticity of demand for BMW as price increases from P1 to P2 equals: * None of the options. O 1.83 O 1.66 0.54

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 7PA: Maria has decided always to spend one third of her income on clothing. a. What is her income...

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Question

9. When the price of BMW car rises from P1= $15,000 to P2= $18,000, one third
of the customers decide to get Mercedes instead of BMW. The Price elasticity of
demand for BMW as price increases from P1 to P2 equals:
O None of the options.
O 1.83
1.66
0.54

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