If the Price of a Product Increases from $15 to $17

question 27

Multiple Choice

If the price of a product increases from $15 to $17 per unit and the quantity demanded decreases from 75 to 50 units,then the price elasticity of demand for this product is _____

• A)3.2.
• B)12.5.
• C)17.
• D)2.
• E)40.

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Definitions:

Social Media

Digital platforms that allow users to create content, share experiences, and engage in social networking.

Direct Sales

A business model where products or services are sold directly to customers, bypassing traditional retail channels.

Inspire

To fill with the urge or ability to do or feel something, especially to do something creative.

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers to purchase its products, traditionally identified as product, price, place, and promotion.