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Economic, Finance DEMAND ELASTICITY METHODS Example: - During 2020product A price was $10/unit. Depend on using demand elasticity to - The price declined to $8/unit

Economic, Finance

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DEMAND ELASTICITY METHODS Example: - During 2020product A price was $10/unit. Depend on using demand elasticity to - The price declined to $8/unit in 2020. estimate demand size. - The quantity demanded was 50,000 in Demand elasticity = % change in quantity 2020. demanded / % change in price - The quantity increased to 70,000 in 2021. . If the price expected to decrease to $6/unit in 2022, what will be the expected demand

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