Use the following demand schedule on pens to answer the question. W...
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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 R17? Use the formula for arc elasticity. (Ignore the negative sign and round off to 2 decimal places).
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