The price elasticity is-- 0.71 means?

অন্যান্য Basic Concepts of Economics 07 Oct, 2020

প্রশ্ন The price elasticity is-- 0.71 means?

  • ক.
    an increase in price by Tk 1 increases the demand by Tk 0.71
  • খ.
    an increase in price by 1% reduces the demand by 0.71%
  • গ.
    an increase in price by Tk 0.71 reduces the demand by Tk 1
  • ঘ.
    an increase in price by Tk 0.71% increases the demand by Tk 1%

সঠিক উত্তর

an increase in price by Tk 0.71 reduces the demand by Tk 1

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Basic Concepts of Economics