suppose that when the price of donuts rises 10%, the quantity demanded of donuts falls 3%.Based...
suppose that when the price of donuts rises 10%, the quantity demanded of donuts falls 3%.Based on his information, what is the approximate absolute price elasticity of demand for donuts
Homework Answers
Price of donuts rises by 10%
Quantities demanded of donuts falls by 3%
What is the approximate absolute price elasticity of demand for donuts?
Price elasticity of demand = %change in the Quantity demanded
%change in the
price
Price elasticity of demand = 3% 10%
Price elasticity of demand = 0.3
Answer = 0.3
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