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kakasveta [241]
2 years ago
5

if the price elasticity of demand for a good is 0.8, then a 12 percent increase in the quantity demanded must be the result of

SAT
1 answer:
lara [203]2 years ago
5 0

A 12 percent increase in the quantity demanded must be the result of a 15% decrease in the price.

Given the data in the quest;

  • Price Elasticity of demand; _PE_d = 0.8
  • Increase in the Quantity demanded; Q_d = 12\% = 0.12

Price elasticity of demand _PE_d is simply the estimate of the difference in the quantity purchased of a product with respect to the difference in its price.

Now, Price elasticity of demand _PE_d by Percentage Method:

_PE_d  = percentage change in quantity demand / percentage change in price

_PE_d =\frac{q_1-q_2}{q_1}\ *\ \frac{p_1}{p_2-p_1}

That is; _PE_d =\frac{Q_d}{percentage\ change\ in\ price}

We substitute in our values

0.8 = \frac{0.12}{percentage\ change\ in\ price}

Percentage\ change\ in\ price = \frac{0.12}{0.8}

Percentage\ change\ in\ price = 0.15 = 15\%

Therefore, A 12 percent increase in the quantity demanded must be the result of 15% decrease in the price.

Learn more; brainly.com/question/24904215

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