When the price of CD players increases 5%,quantity demanded decreases 5%.The price elasticity for CD players is

Name: When the price of CD players increases 5%,quantity demanded decreases 5%.The price elasticity for CD players is
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The price elasticity of demand is calculated as the percentage change in quantity demanded divided by the percentage change in price. Here, both changes are 5%, resulting in an elasticity of 1, which is defined as unit elastic.

When the Price of CD Players Increases 5%,quantity Demanded Decreases