The demand for product X is 10 000 pieces for the price of EUR 120. The price has increased to 140 and the demand for the product X has dropped to 8 000 pieces. Calculate the price elasticity of demand.

The demand for product X is 10 000 pieces for the price of EUR 120. The price has increased to 140 and the demand for the product X has dropped to 8 000 pieces. Calculate the price elasticity of demand.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 15SQ

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The demand for product X is 10 000 pieces for the price of EUR 120. The price has increased to 140 and the demand for the
product X has dropped to 8 000 pieces.
Calculate the price elasticity of demand.

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