A. 5.0
B. 2.0
C. 1.0
D. 0.5
Correct Answer:
Option A = 5.0
Explanation
price elasticity of demand is calculated as the:
percentage change in quantity demanded/percentage change in price
Change in quantity = 500 – 400 = 100
% change = 100/100 = 1%
Change in price = 70 – 50 = 20
% change = 20/100 = 0.2%
price elasticity = 1/0.2 = 5
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