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When the Blue Ocean Surfboard Company Lowered the Price of Surfboards

question 50

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When the Blue Ocean Surfboard Company lowered the price of surfboards by 20 percent, it sold 10 percent more surfboards. What is the price elasticity coefficient for surfboards?


Definitions:

Estuary

A coastal body of water that connects to an ocean, in which fresh water from the land mixes with salt water.

Lianas

Woody vines that climb up trees and other structures to reach sunlight in dense forest environments.

Epiphytes

Plants that grow on other plants without drawing nutrients from their hosts, obtaining moisture and nutrients from the air or rain.

Tropical Rain Forest

A dense, warm, wet forest found near the equator, known for its biodiversity and high rainfall.

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