If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases. from 200 to 300, the point elasticity of demand is equal to____________

artgee

7 years ago

elasticity of demand is %change in quantity demanded over %change in price
which is 1.25

artgee

7 years ago

the answer is 1.25

asmauAbdulwasiu12

2 months ago

workings
1.00-0.60|1.00*100=40
300-200/200*100=50
50/40=1.25

artgee

5 years ago

If the price of a ball point pen falls from N1.00 to No.60 and the quantity demanded increases. from 200 to 300, the point elasticity of demand is equal to____________

A. 0.50
B. 0.40
C. 1.25
D. 0.80