Welcome to Westonci.ca, where finding answers to your questions is made simple by our community of experts. Join our platform to get reliable answers to your questions from a knowledgeable community of experts. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.
Sagot :
If the absolute value of the own-price elasticity of steak is 0.4, a decrease in price will lead to: A reduction in total revenue.
Own-price elasticity
A measure of a good's responsiveness to changes in its own price is called own price elasticity.
Unitary elastic, where |OED | = 1 if the absolute value is 1. In other words, changes in price have an equivalent proportion impact on quantity demanded. A 10% price rise will result in a 10% drop in demand.
When a price adjustment has no impact on the amount of demand, this is known as demand being perfectly inelastic. In other words, regardless of the price level, the quantity demanded does not change. The elasticity of demand at all prices is therefore zero, as can be seen from the statement.
Learn more about price elasticity here: https://brainly.com/question/14301803
#SPJ4
We appreciate your time. Please come back anytime for the latest information and answers to your questions. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.
