Answer to Question #72665 in Economics for Daniela Pratt

Question #72665
Assume the price elasticity of demand for eggs in India is -0.75. Everything else equal, by what % would the price of eggs have to change to INCREASE egg consumption by 15%?
1
Expert's answer
2018-01-22T09:35:07-0500
If the price elasticity of demand for eggs in India is -0.75, then the price of eggs have to change by 15/0.75 = 20% to INCREASE egg consumption by 15%.

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS