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1.3 Price determination in a competitive market

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Question 47

The price elasticity of demand for smartwatches is -1.4. It can be concluded that a 15% reduction in their price would lead to a percentage change in quantity demanded of

−10.7%-10.7\%−10.7%

−21.0%-21.0\%−21.0%

+10.7%+10.7\%+10.7%

+21.0%+21.0\%+21.0%

1.3 Price determination in a competitive market Questions

  1. A Level
  2. /Economics
  3. /1.3 Price determination in a competitive market