The price of the goods decreased by 5%, while the demand for the goods increased by 4%. What is the coefficient
| November 26, 2020 | education
The price of the goods decreased by 5%, while the demand for the goods increased by 4%. What is the coefficient of the point price elasticity of demand for this product? What is the possible price behavior of an entrepreneur (increase or decrease in the price of a product) in order to increase gross revenue.
four divide by five equals zero point eight (4 ÷ 5 = 0.8)
demand is not elastic, it is profitable for an entrepreneur to raise the price
problem answer: 0.8
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