Price Elasticity of Demand (E)is Expressed as (∆ Means Change)

question 122

Multiple Choice

Price elasticity of demand (E) is expressed as (∆ means change)

• A)E = Percentage change in price (%∆ in P)÷ Percentage change in quantity demanded (%∆ in Q).
• B)E = Price (P)÷ Quantity demanded (Q).
• C)E = Percentage change in quantity demanded (%∆ in Q)÷ Percentage change in price (%∆ in P).
• D)E = Quantity demanded (Q)÷ Price (P).
• E)E = Quantity demanded (Q)× Price (P).

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Definitions:

Subjective Probability

An individual's personal estimate of the chance of occurrence of a particular event.

Objective Probability

The likelihood of an event occurring based on a calculation from available data, independent of personal thought or opinion.

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