Hello student,
If the price elasticity of demand of a product is (-3), then the price of the product for the Mr to be 20 will be equal to 20 - (-3)= 23.
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Question : Which one is not the type of elasticity of demand?
Question : The elasticity of demand for price is:
Question : Assertion: The price elasticity of demand for a product is determined solely by the availability of substitutes.
Reason: The more substitutes available for a product, the higher its price elasticity of demand.
Question : Assertion: The price elasticity of demand for a product can vary along its demand curve.
Reason: The price elasticity of demand depends on the slope and shape of the demand curve.
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