Question

If quantity demanded for sneakers falls by 6 percent when price increases 20 percent, we know that the absolute value of the own price elasticity of sneakers is multiple choice 0.7. 2.3. 0.3. 3.3.

Answer 1

0.3

Explanation:

→ State formula

Δ Quantity demanded ÷ Δ Price

→ Substitute in the numbers

6 ÷ 20 = 0.3