If the price elasticity of demand for a good is -0.8 and quantity demanded decreases by 40%, price must have
A) increased by 5%.
B) increased by 32%.
C) decreased by 20%.
D) decreased by 32%.
E) none of the above

Question

Quizplus · Accepted Answer

The Answer of If the price elasticity of demand for a good is -0.8 and quantity demanded decreases by 40%, price must have
A) increased by 5%.
B) increased by 32%.
C) decreased by 20%.
D) decreased by 32%.
E) none of the above

If the Price Elasticity of Demand for a Good Is