If a 10% increase in the price of pork reduces quantity demanded by 7%, the price elasticity of demand is:________

Question

Sfowler7260 Sfowler7260

12-09-2022
Business

contestada

If a 10% increase in the price of pork reduces quantity demanded by 7%, the price elasticity of demand is:________

Respuesta :

Otras preguntas

Mary has saved 17.50 in the past 3 weeks. How much has she saved in one week?

Describe how to do an experiment to show that when you dissolve salt in water the salt is still there.

please help with this

Choose yes or no to tell if the digit in the tens place is 1/10 of the value of the digit in the hundreds place 54,450

(In the spring, our palms peeled like snakes") contains the following figures of speech: need this asap

Describe traits of a person who is financially responsible?

Mountains can be formed when one plate is forced under another. The plate on top folds up like an accordion and forms mountains. The plate forced under usually

The sale of cars in a particular month is decreased by 20% is $3060. What was the sale of cars before reduction.

The figure below is a square with an area of 625 square centimeters. The length of a rectangle is 40% more than the length of the square. Find the length of the

When asked how positive or negative they feel about their work, fewer than 20% of U.S. workers report being dissatisfied with their jobs.

ahmadfardeen571 ahmadfardeen571 · Answer 1 · 2022-09-15T22:31:25+02:00

If a 10% increase in the price of pork reduces quantity demanded by 7%, the price elasticity of demand is 0.70.

Price Elasticity of demand = % change in Quantity demanded / % change in Price

Ed = 7 / 10 = 0.70

The Price elasticity of demand is Inelastic because the coefficient of elasticity of demand is less that 1.

Price elasticity of call for is the ratio of the proportion change in quantity demanded of a product to the percentage alternate in charge. Economists appoint it to recognize how deliver and demand trade while a product's price changes.

The Apple brand is so sturdy that many purchasers pays a top class for Apple merchandise. If the charge rises for Apple iPhone, many will keep to buy. If it changed into a less emblem like Dell computer systems, you'll count on call for to be charge elastic.

Learn more about Price elasticity here: https://brainly.com/question/6791468

#SPJ4