Answer to Question #73909 in Microeconomics for Scelo
Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price
When the price elasticity of demand is -0.12 it means that:
If price for consumer product is increase on 1%, the Quantity of Demanded consumer product will decrease by 0.12%.
We can conclude that demand for this consumer product is inelastic and this daily use
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