The price elasticity is-- 0.71 means?

The price elasticity is-- 0.71 means?

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Question:

The price elasticity is-- 0.71 means?

	an increase in price by 1% reduces the demand by 0.71%
	an increase in price by Tk 1 increases the demand by Tk 0.71
	an increase in price by Tk 0.71 reduces the demand by Tk 1
	an increase in price by Tk 0.71% increases the demand by Tk 1%
	an increase in price by Tk 0.71 reduces the demand by Tk 1

Answer:

an increase in price by Tk 0.71 reduces the demand by Tk 1

Last Updated:

08/11/2021 - 09:25