Question
Q4) The price of a luxury car increased from 42.000 euros to 44.000 euros. Then the demand for this car declined from 100 units to
Q4) The price of a luxury car increased from 42.000 euros to 44.000 euros. Then the demand for this car declined from 100 units to 20 units. Calculate the price elasticity of demand for the car. Comment about the nature of the demand too.
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The Economics of Public Issues
Authors: Roger LeRoy Miller, Daniel K. Benjamin, Douglass C. North
19th edition
134018974, 134018973, 9780134020532 , 978-0134018973
