The elasticity of demand for a good is -0.75. A 4 percent increase in price will cause a:
A) 3 percent decrease in quantity demanded.
B) 5.33 percent increase in quantity demanded.
C) 5.33 percent decrease in quantity demanded.
D) 0.19 percent decrease in quantity demanded.

Question

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The Answer of The elasticity of demand for a good is -0.75. A 4 percent increase in price will cause a:
A) 3 percent decrease in quantity demanded.
B) 5.33 percent increase in quantity demanded.
C) 5.33 percent decrease in quantity demanded.
D) 0.19 percent decrease in quantity demanded.

The Elasticity of Demand for a Good Is -0