What does an (own) price elasticity of demand of 1.5 mean? - ProProfs Discuss
Topics-
Products +
     

What does an (own) price elasticity of demand of -1.5 mean?



A. Demand is elastic
B. Quantity demanded changes 1.5 units for each 1% change in price
C. Quantity demanded changes .5% for each 1% change in price
D. Quantity demanded changes 5% for each 1% change in price

This question is part of Microeconomics Exam #1
Asked by Wlkg, Last updated: Feb 03, 2019

+ AnswerRequest Answer
...

1 Answer

wlkg

Wlkg

Answered on Feb 18, 2018

Demand is elastic
 Reply

Search for Google images
Select a recommended image
Upload from your computer
Search for Google images
Select a recommended image
Upload from your computer
Search for Google images
Select a recommended image
Upload from your computer

Email Sent
We have sent an email to your address "" with instructions to reset your password.