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marissa [1.9K]
3 years ago
11

Suppose the elasticity of demand for cereal is 1. if cereal increases in price by 25 percent, how much will the quantity demande

d decrease by?12.5 percent
Business
2 answers:
solong [7]3 years ago
8 0

If cereal increases in price by 25% the quantity demanded will decrease by 25%. Elasticity of demand is what describes the sensitivity of price change with the change of demand in an item. In many situations, if a price increases by a certain amount it will also drop by the same amount in demand. Pricing directly relates to the demand and supply of a good or service.

notka56 [123]3 years ago
3 0
25 percent is the answer
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