Economics · Demand Elasticity
What is the price elasticity of demand?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1% change in quantity demanded / % change in income
- 2% change in income / % change in quantity demanded
- 3% change in price / % change in quantity demanded
- 4% change in quantity demanded / % change in price✓
Correct answer
% change in quantity demanded / % change in price
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