Suppose that a 2% increase in price results in a 6% decrease in quantity demanded. Own-price elasticity of demand is equal to
1 answer:
Answer:
The correct answer to the following question will be "3".
Explanation:
The given values are:
Percentage demand,
= 6% i.e., .06
Percentage change in the price,
= 2% i.e., .02
Now,
Own-price elasticity of demand will be:
= 
On substituting the estimated values, we get
= 
= 
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