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15 May, 15:19

If the price of a product goes down by 10% and the quantity demanded goes up by 20% the product is:

a. elastic

c. cheap

b. inelastic

d. is an inferior good

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Answers (1)
  1. 15 May, 16:03
    0
    Price elasticity = quantity demanded / price

    = 20 / 10

    =2

    since it is greater than 1, it is elastic.
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