question archive Calculate the price elasticity of demand using the method covered in class and the information provided below
Calculate the price elasticity of demand using the method covered in class and the information provided below
Subject:EconomicsPrice: Bought3
Calculate the price elasticity of demand using the method covered in class and the information provided below.
Demand curve: x = 400 - 0.4p
Initial value of x: x_0 = 100
New value of x: x_1 = 120
The value of the price elasticity of demand is:
