if the price elasticity of demand of a product is ( -3 ) what should be the price of the product for its MR to be 20?

Question

if the price elasticity of demand of a product is ( -3 )  what should be the price of the product for its MR to be 20?

Ayush · Accepted Answer

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.

Hope you find it helpful...

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if the price elasticity of demand of a product is ( -3 ) what should be the price of the product for its MR to be 20?

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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.