What is the price elasticity of demand? The quantity demanded of - ProProfs Discuss
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What is the price elasticity of demand? The quantity demanded of chocolate chip cookies falls from 10 pounds to 5 pounds when the price of the cookies rises from $4.00 to $5.00.



A. 3
B. 5 pounds
C. $1.00
D. 1/3

This question is part of Microeconomics Exam #1
Asked by Wlkg, Last updated: Jan 21, 2020

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2 Answers

John Adney

John Adney

Answered May 21, 2017

How do we come up with 3 as our answer and what formula is used in this question because there are 2 currencies
 

John Smith

John Smith

Answered Nov 27, 2016

3
 2

Brian juma

Brian juma

Replied on Sep 30, 2017

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John Adney

John Adney

Replied on Sep 30, 2017

Show working

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