11. King Arthur is going into battle and he needs to decide how many more swords and helmets he should buy. The tables show the
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The price elasticity of the loan taken by the entrepreneur comes out to be 10.
<h3>What is the price elasticity of demand?</h3>
The price elasticity of demand is an indicator used to determine the sensitivity of demanded quantity with respect to its corresponding price.
Given values:
Change in quantity demanded: 50%
Change in price: 5%
Computation of price elasticity of demand:
Therefore, when the change in quantity demanded is 50% with the change in the price is 5%, then the price elasticity of a business loan is equal to 10.
Learn more about the price elasticity in the related link:
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