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06-01-2020
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When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent. The price-elasticity of demand coefficient for this product is

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ijaz4308 ijaz4308

07-01-2020

Answer:

-1.5

Explanation:

The price-elasticity of demand coefficient for the product given in the question can be calculated using the below formula:

Demand coefficient of product is:

Percentage change in quantity demanded /Percentage change in price

Percentage change in price = 10%

Percentage change in quantity demanded = -15%

Demand coefficient of product=-15%/10%= -1.5

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