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ECS1501-26-Y-A
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If the price elasticity of demand for Omo washing powder is 3.0, a ________ drop in price leads to a __________ rise in the quantity demanded.
The longer the time period under consideration, the lower the price elasticity of demand tends to be.
A perfectly elastic demand curve is horizontal (ie parallel to the quantity axis).
Price elasticity of demand is a measure of the responsiveness of quantity demanded to changes in price.
This question is based on the following table which shows the demand schedule for ice cream cones.
Price | Quantity demanded |
R1 | 100 |
R2 | 80 |
R3 | 60 |
R4 | 40 |
R5 | 20 |
What is the price elasticity of demand when the price changes from R1 per ice cream cone to R3 per ice cream cone? Use the formula for arc elasticity. (Ignore the negative sign and round off to 2 decimal places.)
Use the following demand schedule on pens to answer the question.
Price (R) | Quantity demanded (pens) |
20 | 5 000 |
19 | 10 000 |
18 | 15 000 |
17 | 18 000 |
16 | 22 000 |
What is the price elasticity of demand for pens in the price range R19 to R16? Use the formula for arc elasticity. (Ignore the negative sign and round off to 2 decimal places).
The law of demand says that