If the price elasticity of demand for a good is 2.0, then a 10 percent increase in price results in a a. 0.2 percent decrease in the quantity demanded. b. 5 percent decrease in the quantity demanded. c. 20 percent decrease in the quantity demanded. d. 40 percent decrease in the quantity demanded.

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15-02-2022
Business

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If the price elasticity of demand for a good is 2.0, then a 10 percent increase in price results in a a. 0.2 percent decrease in the quantity demanded. b. 5 percent decrease in the quantity demanded. c. 20 percent decrease in the quantity demanded. d. 40 percent decrease in the quantity demanded.

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Tundexi Tundexi · Answer 1 · 2022-02-21T12:29:32+01:00

A 10 percent increase in price will results to 20 percent decrease in quantity demanded since the price elasticity of demand for a good is 2.0.

What is price elasticity of demand?

A price elasticity of demand refers to an economic tools that assess the change in consumption of goods in relation to the change in its price.

Hence, the 10 percent increase in price will results to 20 percent decrease in quantity demanded since the price elasticity of demand for a good is 2.0,

Therefore, the Option C is correct.