Answer to Question #71869 in Other 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?
1
Expert's answer
2017-12-14T09:24:06-0500
Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price
Price Elasticity of Demand = - 50% / 100% = -0.5

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