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Suppose a 10 percent increase in the price of textbooks decreases the quantity demanded by 20 percent. The elasticity of demand for textbooks is

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topeadeniran2 topeadeniran2

23-10-2020

Answer: 2.0

Explanation:

Elasticity of demand simply means the percentage change that will occur to the quantity of a particular product that's demanded due to the change in price of that product.

Elasticity of demand = % change in quantity demanded/% change in price

Elasticity of demand = 20%/10% = 2.0

The elasticity of demand is 2.0

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