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Topic: Business
Number of pages / Number of words: 2 / 528
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To calculate the price elasticity of demand:

Percent change in quantity = [( 30 ? 21 ) / 30 ] * 100 = 30 %

Percent change in price = [( 3 ? 3.45 ) / 3 ] * 100 = 15 %

Hence, price elasticity of demand = 30 / 15 = 2

Result: the price elasticity of demand is ELASTIC. This is because as the price increased, the quantity demanded decreased by more than 1 percent (Samuelson & Nordhaus, 1989)...


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This is because as the price increased, the quantity demanded decreased by more than 1 percent (Samuelson & Nordhaus, 1989).


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