The price elasticity of demand of a commodity is 4 and the percentage change in price is 8. Find the percentage change in the quantity demanded.

Kapil
Latest Answer: 4 weeks ago
In: Commerce

The price elasticity of demand of a commodity is 4 and the percentage change in price is 8. Find the percentage change in the quantity demanded.

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1 Answers

Answered By Nikita Chetry
Answer: 4 weeks ago

The relative change in the quantity of commodity demand is known as the elasticity of demand, and it depends on the price of the commodity, the price of other items, and consumer income. We can define... Read More

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