Consumption of apples drops from 30 pounds of apples a, Ask an Expert

Economics

Elasticity vs inelasticity

Elasticity = (% Change in Quantity)/(% Change in Price)

Suppose the price of apples rises from $3 a pound to $3.45 and your consumption of apples drops from 30 pounds of apples a month to 21 pounds of apples. Calculate your price elasticity of demand of apples.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9204481

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