The price of a good rises from $16 to $20 and the quantity demanded falls from 100 to 40. Calculate the price elasticity of demand
The price of a good rises from $16 to $20 and the quantity demanded falls from 100 to 40. Calculate the price elasticity of demand of the good. Interpret whether it is elastic or inelastic. O (-)2.4; inelastic O (-)0.417; elastic O (-)2.4; elastic O (-)0.417; inelastic
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