Ask Question
2 September, 18:15

What is own-price elasticity of demand? A. Price elasticity is a measure of how sensitive the quantity demanded of a product is to a change in price. B. Price elasticity is the ratio of the percentage change in the quantity demanded to the percentage change in price. C. Price elasticity is equal to the slope of the demand curve. D. Both A and B are correct. E. All of the above are correct.

+3
Answers (1)
  1. 2 September, 19:23
    0
    The correct answer is option D.

    Explanation:

    The price elasticity of demand measures the degree of responsiveness of quantity demanded to a change in price. It is the ratio of proportionate change in quantity demanded and proportionate change in price.

    The slope of the demand curve is the ratio of the percentage change in the price and percentage change in quantity. It is related to the price elasticity but is not the same.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “What is own-price elasticity of demand? A. Price elasticity is a measure of how sensitive the quantity demanded of a product is to a change ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers