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topjm [15]
3 years ago
9

When the price of oranges increases from $4 to $6 per bag, the quantity demanded of oranges decreases from 800 bags to 700 bags.

The price elasticity of demand over this price range is equal to___________
Business
1 answer:
Natali [406]3 years ago
6 0

Answer:

0.25

Explanation:

Percentage\ increase\ in\ price=\frac{6-4}{4}\times100

                                                          = 50%

Percentage\ Decrease\ in\ quantity\ demanded=\frac{800-700}{800}\times100

                                                          = 12.5%

Therefore,

price\ elasticity\ of\ demand=\frac{Percentage\ change\ in\ quantity\ demanded}{percentage\ change\ in\ price}

price\ elasticity\ of\ demand=\frac{12.5}{50}

                                                     = 0.25

Hence, the price elasticity of demand over this price range is equal to 0.25

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