Find out the price elasticity in the following example : Price Demand 5(P1) 10(Q1) 4(P2) 15(Q2) (a) – 2.5 (b) + 3.5 (c) + 4.0 (d) + 2.5

Find out the price elasticity in the following example : Price Demand 5(P1) 10(Q1) 4(P2)
15(Q2)
(a) – 2.5
(b) + 3.5
(c) + 4.0
(d) + 2.5
by

1 Answer

Answer :

(a) – 2.5
by

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Description : Cross-price elasticity of demand between tea and coffee is (a) negative (b) positive © zero (d) infinite

Last Answer : (b) positive

Price elasticity of demand shows the relationship between demand for a commodity and (a) price of other commodities (b) price of that commodity © tastes and preferences of the consumer (d) income of the consumer

Description : Price elasticity of demand shows the relationship between demand for a commodity and (a) price of other commodities (b) price of that commodity © tastes and preferences of the consumer (d) income of the consumer

Last Answer : (b) price of that commodity