If the price of apples decreases by 2 percent and causes apple consumption to increase by 4 percent, the price elasticity of demand is , indicating the demand is .

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25-03-2022
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If the price of apples decreases by 2 percent and causes apple consumption to increase by 4 percent, the price elasticity of demand is , indicating the demand is .

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jayilych4real jayilych4real · Answer 1 · 2022-04-07T09:17:11+02:00

If the price of apples decreases by 2 percent and causes apple consumption to increase by 4 percent, then the elasticity of demand is 2 and the demand is elastic.

What is Price Elasticity of Demand?

This refers to the ratio of percentage change in the demanded quantity of a good in relation to the change in price.

Hence, we can see that because the price of apples decreased by 2%, then apple consumption increased by 4% which means that the elasticity of demand is 2 and the demand is elastic.

Read more about the price elasticity of demand here:

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If the price of apples decreases by 2 percent and causes apple consumption to increase by 4 percent, the price elasticity of demand is ____, indicating the demand is ____.

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What is Price Elasticity of Demand?

Otras preguntas

If the price of apples decreases by 2 percent and causes apple consumption to increase by 4 percent, the price elasticity of demand is , indicating the demand is .