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Anna11 [10]
2 years ago
7

A firm estimates that the absolute value of the price elasticity of demand for its signature sandwich is 2. If the firm increase

s its sandwich price by 10 percent, what will happen to the quantity demanded?
Mathematics
1 answer:
Aleksandr-060686 [28]2 years ago
5 0

Answer: The quantity demanded is decreased by 20%.

Step-by-step explanation:

Since we have given that

Price elasticity of demand = 2

Percentage change in price  = (+)10%

We need to find the percentage change in quantity demanded.

As we know the formula:

e_D=\dfrac{\text{\% change in quantity demanded}}{\text{\% change in price}}\\\\2=\dfrac{x}{10}\\\\x=20\%

As we know that there is inverse relationship between the price and quantity demanded.

Hence, the quantity demanded is decreased by 20%.

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