This question is based on the following table which shows the demand schedule fo...
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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 R4 per ice cream cone to R5 per ice cream cone? Use the formula for arc elasticity. (Ignore the negative sign and round off to 2 decimal places.)
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