If the price of an item increases by 8% while the quantity demanded falls from 1500 units to 1492 units, the demand is said to be

Sonofdlight

4 years ago

The answer is B because the larger (8%) change in price brought about smaller (1500 to 1492) change in quantity of good demanded.

Anthonysama

2 years ago

Try calculating the elasticity with aforementioned variables,the % change in price is 8% and u can derive the % change in quantity demanded,its elasticity is still greater than one,that means its elastic

Derrickde1st

1 year ago

cut of Mark for business administration esut can someone help me

VICKYBEN2004

2 years ago

Is it elastic or inelastic please somebody answer thanks.