A producer knows that the price elasticity for his product is -0.5.He wants to increase quantity demanded by 30%.By what percentage does he need to change the price?
A) 10%
B) 6%
C) -9.5%
D) -60%
E) -6%

Question

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The Answer of A producer knows that the price elasticity for his product is -0.5.He wants to increase quantity demanded by 30%.By what percentage does he need to change the price?
A) 10%
B) 6%
C) -9.5%
D) -60%
E) -6%

A Producer Knows That the Price Elasticity for His Product