Suppose that legalizing the use of cocaine would decrease its price by 77 percent. If the...
Suppose that legalizing the use of cocaine would decrease its price by 77 percent. If the price elasticity of demand for cocaine is -2.50, what would be the percentage increase in the quantity of cocaine demanded from legalizing cocaine? nothing percent. (Enter a numeric response using a real number rounded to two decimal places.
Homework Answers
Price elasticity of demand = % change in the demand / % change in the price.
-2.50 = (x) / 77
If there is a decrease in the price of cocaine by 77% then the demand will increase by 192.5%
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