Exhibit 5-2

-Use the information in Exhibit 5-2 to calculate the value of price elasticity of demand.
A) -2/3
B) -1/3
C) -3/5
D) -5/3
E) 0

Question

Exhibit 5-2
 
-Use the information in Exhibit 5-2 to calculate the value of price elasticity of demand.
A) -2/3 
B) -1/3 
C) -3/5 
D) -5/3 
E) 0

Quizplus · Accepted Answer

The price elasticity of demand is calculated using the formula: (percentage change in quantity demanded) / (percentage change in price). Without specific data from Exhibit 5-2, we assume the correct calculation leads to -5/3 based on the given options.

Exhibit 5-2 -Use the Information in Exhibit 5-2 to Calculate the Value