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Answer to Question #71869 in Economics for saad
Question #71869
With the increase in price of tomato from Rs. 40 per kg to Rs. 80 per kg in
super market, the demand for tomato has gone down from 40 kg to 20 kg.
Calculate the demand elasticity?
super market, the demand for tomato has gone down from 40 kg to 20 kg.
Calculate the demand elasticity?
Expert's answer
Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price
Price Elasticity of Demand = - 50% / 100% = -0.5
Price Elasticity of Demand = - 50% / 100% = -0.5
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