The price elasticity of demand for Stork ice cream is -4. Suppose you're told that following a price increase, quantity demanded fell by 10 percent. What was the percentage change in price that brought about this change in quantity demanded?
A) 40 percent
B) 25 percent
C) 2.5 percent
D) 0.4 percent
C
Economics
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GDP is not a perfect measure of well-being because
A) the value of leisure is included in GDP. B) GDP is adjusted for increases in drug addiction. C) GDP is not adjusted for pollution. D) GDP is adjusted for changes in crime rates.
Economics
Explain how collusion makes firms better off. Given the incentives to collude, briefly explain why every industry does not become a cartel
What will be an ideal response?
Economics