Ratios & Percentageshard
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When the price of a product decreases by 15%, the quantity demanded increases by 45%. What is the price elasticity of demand? (Use: Elasticity = % change in quantity demanded ÷ % change in price)
When the price of a product decreases by 15%, the quantity demanded increases by 45%. What is the price elasticity of demand? (Use: Elasticity = % change in quantity demanded ÷ % change in price)