Homework Answers
Ans: D ) 1.5
Explanation:
Initial price ( P1) = $21
New price ( P2 )= $15
Initial quantity ( Q1) = 600 pairs
New quantity ( Q2) = 1000 pairs
PED = ∆Q/∆P *( P1 + P2 / Q1 + Q2)
= {( 1000 - 600 ) / ( 15 - 21) } * { ( 21 + 15 ) / ( 600 + 1000)}
= ( 400 / - 6 ) * ( 36 / 1600)
= - 66.67 * 0.0225
= - 1.5 or 1.5 ( absolute value)
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there, i want to know the reason.
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