This question is based on the following table. What is the price ela...
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This question is based on the following table.
Price
|
Quantity demanded
|
2,50
|
0
|
2,25
|
25
|
2,00
|
50
|
1,75
|
75
|
1,50
|
100
|
1,25
|
125
|
1,00
|
150
|
0,75
|
175
|
0,50
|
200
|
What is the price elasticity of demand between R1.50
and R1.25? Use the formula for arc elasticity. (Ignore the negative sign and round off to 2 decimal places.)